Hidden risks at policy renewal can lead to missed profit opportunities. If you make decisions without REAL data insights, you could misprice policies and leave premium on the table.
Don’t overlook these top three missed renewal risks.
Likely, you already use data at renewal to some degree. But additional data is available that isn’t currently being used. Hidden driving violations, undisclosed drivers on the policy and undetected claims in first term policies can result in key knowledge gaps. These knowledge gaps are directly linked to higher loss ratios, but can be mitigated with timely, comprehensive and actionable data insights that can be integrated directly into your underwriting workflow.
Here's how you can use REAL data insights to drive renewal profitability:
Access to REAL data insights at the right time is increasingly critical to rating, underwriting and customer experience. Active Insights can help you focus in on specific states, claim amounts and claim types to identify what is actionable for you.