Analytics for Acquisition and Retention
LexisNexis® Risk Solutions offers a suite of acquisition and retention solutions that use sophisticated predictive models; vast data assets and our proprietary, scalable and automated linking technology to help identify, segment and target the right prospects. Our analytics tools pinpoint customers that either may be attrition risks or that represent cross-sell and up-sell opportunities to help carriers nurture and retain policy holders with the highest revenue potential.
Analytics capabilities include prescriptive analytics and actionable retention.
Prescriptive Analytics
Prescriptive Analytics uses predictive models not only to determine likely future outcomes, but also to recommend the optimal actions carriers should take to achieve business goals. This type of advanced analytics can be useful in several areas of acquisition and retention, particularly as it pertains to understanding and proactively addressing the drivers of customer behavior.LexisNexis solutions for acquisition and retention leverage prescriptive analytics for marketing attribution, marketing optimization, market and risk segmentation, and lifetime value assessment. Our solutions are powered by vast data assets and proprietary predictive and simulator models. These data analytics tools tailor marketing messaging, and customize product and service offerings to deliver ideal experiences that match the specific needs of customers within your target markets.
Actionable Retention
Actionable retention uses data analytics tools to gain insight into customers’ coverage needs. LexisNexis solutions for actionable retention combine proprietary and third-party data with predictive models that help determine lifetime value and attrition propensity. Retention analysis, churn modeling and lapse modeling can identify policy holders more likely to not renew, as well as high value customers who represent greater lifetime value. This information is valuable in supporting carriers’ customer retention strategies and can help to minimize attrition and improve profitability.