Optimize renewal profitability with
AI-powered insights
Recently, home insurers are leaning more and more on predictive insights to help protect against a volatile economic climate. It’s hard to predict catastrophic storms that impact your policyholders, but there are other ways to help mitigate risk and drive profitability.
The vast majority of home insurance risk sits in insurers’ existing policies-in-force, yet traditionally carriers have given this portion of their business relatively little attention due to the cost and low ROI of traditional renewal inspection programs. The good news is technology is helping change the game. Robust configurable data platforms can help narrow down the carrier’s renewal book to a small percentage of the most concerning properties. Aerial imagery analytics can help detect concerning roofs or liability issues on the property. And consumer-led surveys powered by artificial intelligence are helping to prove more precise data on interiors, exteriors and aerial views of homes. These are all essential for helping enhance the property underwriting process. Conducting regular assessments of your book of business is critical, especially at renewal. Leveraging the right data and analytics at renewal can help you achieve your desired profitability goals.
LexisNexis® Risk Solutions can arm you with a number of solutions at renewal to help streamline your underwriting process with more accuracy and efficiency while helping provide proper coverage and pricing.
Risk Assessment and Underwriting: identify properties of concern for further underwriting attention, based on broad data sources including characteristics of the home, claim history of the structure and surrounding area, and key geospatial insights.
Insurance-to-Value (ITV) Validation: ensure that policyholders are insured at the appropriate value.
Home Usage Verification: verify whether the use of the home aligns with the provided coverages.
Operating Efficiency and Automation: streamline workflows for increased efficiency to ensure underwriters are focused on adding value, not rote tasks.
Transform Your Risk Strategies Now to: