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 lead optimization, prescriptive analytics and actionable retention.
Advanced analytics tools that evaluate and score leads can help insurance marketers identify prospects who are more likely to match their organizational risk profile and are therefore more likely to convert to a policy. Models for lead optimization rely on data. Robust, insurance-specific data helps to build a comprehensive prospect profile, and offers insights into a lead’s potential. LexisNexis® has the largest data repository available in the industry, comprised of 65 billion total records from more than 10,000 different sources. We use our proprietary linking capability to connect data points between these records using LexID®, our unique identifier. This technology provides a more accurate and holistic view of prospects for sharply targeted marketing efforts. LexisNexis® scores are channel agnostic, so regardless of where you’re sourcing your leads, our models can help segment and predict their profitability.
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 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.