As people’s lives progress and change, so do their insurance needs. Some changes are connected to dynamic variables like moving, changing jobs, having kids, new drivers and vehicles, and many others. Others may be smaller, like home improvements or a moving violation, but still impact insurance risk. As household dynamics change, so do the needs and expectations of policyholders. The problem is, insurers usually don’t know how these changes affect their coverage needs until it’s too late. Knowing about these events at the right time can help insurers proactively address and manage the customer relationship before the change negatively impacts the customer or the business.
Better coverage through active engagement
A superior Active Risk Management program leverages massive amounts of data and advanced analytics to monitor an insurers’ book of business and trigger notifications when critical changes occur in a policyholder’s life that may affect their insurance needs. Active Risk Management enables insurers to better understand what’s happening within their book of business so that insurers can focus their retention strategies on their most valuable customers at the time when these customers are most likely to shop and switch.
The infographic below demonstrates how an Active Risk Management program can improve customer engagement and business outcomes. Visit the Active Insights site for more information.