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CX Insurance Services provides 100% on-shore, P&C insurance certified Operational Support. We help P&C companies
- Solve operational gaps & capacity challenges
- Free up precious talent to focus on higher-value work
- Address talent shortages
- Achieve expense relief with a variable cost model
1-855-676-2947 (CXIS) | email@example.com
- P&C Carriers are averaging a 4% increase in retention through its program, CXIS reports.
- JLT Re clients have exclusive access to the CXIS Retention & Policy Growth Program
JLT Re, the global provider of reinsurance broking and consultancy, and CX Insurance Services, Inc. (CXIS), an innovative P&C BPO and revenue analytics company, have announced a new partnership for the shared launch of CXIS’s P&C Retention & Policy Growth Program.
CXIS reports that P&C companies are currently averaging a 4% increase in policyholder retention through the program, and carriers are clearing their total investment after month 1 in a 12-month program. JLT Re has secured the exclusive rights to distribute this program to its clients with discounted client pricing, and will be complementing the offering with its own advanced modeling capabilities.
CXIS President Joseph Serrano indicated “We’re thrilled to partner with JLT Re in bringing the benefits of the CXIS Retention Program to their clients. Beyond JLT Re’s deep market expertise, sophisticated analytic capabilities, and powerful brand equity – they’re good people who operate with integrity. Together we are providing a compelling and truly unique offering for P&C companies.”
Ed Hochberg, CEO of JLT Re (North America) Inc. echoed the excitement for what is to come, stating “JLT Re’s clients will benefit from our partnership with CXIS, offering new and value added services designed to improve performance and profitability.”
JLT Re and CXIS are evaluating continued data synergies in the shared pursuit of increasing client retention. CXIS will continue its patent processes through the remainder of 2017.
It’s easier than ever for consumers to find insurance, compare costs, and switch plans—which can both help and hurt insurers. With a commercial about saving money on your insurance playing every five minutes, it’s no surprise that policyholders are tempted to shop around. Because of this, P&C insurers are often faced with policyholders who, rather than opting to remain on their plan, choose to switch providers at the renewal period. Lured by promotions, these policy-hoppers seek the best deals and change policies when they think they spy greener grass elsewhere. Combatting this trend can be difficult, however, CX Insurance Services’ Retention Improvement Program has proven effective at slowing the tide.
Measurable Increase in Policy Retention
P&C insurers who have had the opportunity to utilize the CXIS Retention Improvement Plan have reported an increase in retention of approximately 2-3%. Some companies, including Le Mars Insurance, a Donegal Insurance Company, have seen an increase of up to six points in policyholder retention. This saves insurers money since retaining policyholders costs less than attempting to acquire new policyholders. In addition, it increases the opportunities for cross-selling and upselling. Not only is this beneficial for P&C insurance companies but it can help better support policyholders as well. With a measured approach to targeting at-risk policies and a deeper understanding of why policyholders choose to not renew, P&C insurers can craft a cohesive strategy to retain more customers and propel growth. Our video explains this further.
More Than Just Analytics
CXIS’s Retention Improvement Plan isn’t just another analytics package. CXIS President Joseph Serrano put it succinctly when he differentiated the company’s Retention Improvement Plan. “Our program is a different blend of data aggregation and tactical business process. Data on its own can be somewhat useless—it helps to actually do something with it. Our retention program is delivering results for P&C companies because it’s a balance of targeting, predicting, and tactical policy retention. We’ve fused technology and service together in a simple monthly subscription model, and the ROI for clients has been compelling. So in other words, things actually get done.”
Having the information you need to better target your efforts can help you maximize your retention opportunities and identify areas with growth potential. With CXIS’s web automation, P&C licensed services, and predictive analytics, your team can focus on what they do best—selling policies. Your team won’t just have data in their hands, they’ll have a strategy they can implement to increase their retention. Thanks to CXIS’s ability to identify leading indicators of nonrenewals, you’ll be able to save more at-risk policies. Combined with CXIS on-shore outsourcing capabilities, the CXIS Retention Improvement Program can help insurance companies achieve better profit margins while exceeding policyholders’ customer service expectations.
Make CXIS Your Partner in Retention—and Growth
Partnering with CXIS is simple. Whether you’re interested in business process outsourcing or policy retention, CXIS supports P&C partners in maximizing their business potential. With over 75 combined years in P&C, we use our expertise to support insurance companies across the U.S. by offering a customized approach to operational support and agent and policyholder experience.
Growing your insurance company in the current business climate can be difficult. With CXIS, you don’t have to go it alone. If you’re ready to learn more about how CXIS can help you retain your current policyholders and promote policy growth, contact us today.
By Joseph Richard Serrano
President, CX Insurance Services
Here’s a fun way to place the broadening P&C talent gap in some context:
1.) Do you work at a P&C Insurance Carrier?
2.) Is the inability to find
exceptional good sufficient talent materially impacting your business?
If #1 is “Yes”, then we both know the second answer. The stats aren’t difficult to find:
- Average age in the P&C industry is 56
- 400,000 P&C jobs to fill by 2020
- 25% of current insurance professionals to retire by 2018
- And so on…
An Increasingly Common Answer
Not surprisingly, the insurance business process outsourcing market continues to expand at YOY double-digit growth. Accelerating this trend is a broader understanding in the boardroom that “outsourcing” doesn’t mean “offshore sweat shop”. These days, the business case isn’t even necessarily a cost play. Today’s business process outsourcing market enables P&C carriers to quickly enhance capabilities, broaden distribution, tap into innovation, and often times deliver a customer experience superior to the one those resistant to change aim to protect. It can be supplementary; not necessarily job-replacing.
Nonetheless, P&C carriers remain challenged: most P&C business processing outsourcing vendors mandate the usage of their policy administration and/or claims platform for the delivery of operational services. But what about the carriers that just completed (sort of) a multi-year, multi-million, multi-CIO implementation or modernization project? What about the carriers that’ve concluded that simply re-facing their legacy system with customer engagement & workflow enhancements likely yields a commensurate ROI a heckuva lot faster? Or in short: what about the carriers that don’t need a new platform?
Beyond technology constraints, many companies simply don’t need full-blown outsourcing. Often times more targeted or “surgical” support would help a carrier achieve operational, production growth, or retention objectives:
- Policy Administration & Customer Service: Overflow Capacity, Extended Hours
- Alleviate Operational Constraints; Provide “When-I-Need-You” Service
- Underwriting: Low-Level Underwriting Support, Inspection Reviews, Renewal Re-underwriting
- Free up precious Underwriting Talent to focus on more valuable risk review & selection
- Claims: Outbound Claim Status Updates
- Customer experience, and thereby retention, is materially improved when the insured feels informed
- Sales: Outbound sales support to follow-up on prospects (for Agent Partners or Direct Carriers)
- Expand distribution reach (particularly effective 5 – 7:30 PM local time)
The (Very) Short List
While a shorter list, P&C operational support companies that deliver services on their clients’ platforms actually do exist. The list shrinks if criteria include “U.S. Based”, shrinks further at “A-la-Carte / Targeted Services”, and even further yet at “Licensed Producers to Support Distribution”. OK; too obvious? If you’d like to know how we help P&C companies “plug the gap”, drop us a line at firstname.lastname@example.org or check us out at www.cxis.com.
By Tonya Rene Cruise
Chief Operating Officer
Full Hearts at the Run for All Children in St. Pete
CX Insurance Services isn’t just about supporting property and casualty insurance companies. Not only do we aim to provide exceptional service to our clients, but we also work hard to support our community. As part of our community outreach, we were proud to lend our support to the Run for All Children, which benefits the John Hopkins All Children’s Hospital in St. Petersburg, FL.
For Carson and All the Children
In 2010, Brian Powers and his family suffered a devastating loss. Their son, Carson, was prematurely born, along with his twin sister. Carson passed away surrounded by his loving family shortly after birth. Powers, wanting to support the medical professionals who dedicated their lives to helping children like his son, used his loss to create a powerful event that not only helps raise funds for a great hospital but also increases awareness.
This year’s race was the third annual in what is becoming a Mother’s Day weekend tradition. Begun in 2014, the Run for All Children initially called Safety Harbor home, but the popularity of the event and the number of amazing participants have grown so much it was necessary to relocate. Now the race course takes runners through downtown St. Petersburg.
Two thousand runners queued up at the starting line in front of the hospital to run and walk. Many had personal stories to share about why they were supporting the hospital. A cornerstone of the community, Johns Hopkins All Children’s Hospital has helped treat many of St. Pete’s young population, touching the lives of families across the city.
As the race was about to begin, the runners turned to face the hospital. They waved at the patients cheering from their rooms before beginning the course. It was clear the runners carried those faces in their hearts as they made their way across the finish line and high-fived Thunderbug, the mascot of the Tampa Bay Lightning.
Supporting the John Hopkins All Children’s Hospital
We are honored to be able to provide our support and do our part to help the amazing doctors, nurses, and staff at the John Hopkins All Children’s Hospital in St. Petersburg. Just like the patients they serve, they are truly heroes. Our hearts were full as we watched people from across the community come together for this wonderful cause.
The Johns Hopkins All Children’s Hospital provides life-saving care to children of all ages. They also focus on research, advocacy, and education. Their caring staff not only work hard to treat the patients in their care, they also showed their love for their hospital and what it stands for by participating in the race itself. These amazing caregivers spread joy wherever they go, bringing smiles to the children in their care.
Keeping the Run for All Children Spirit Alive Year Round
Humbled by the perseverance of the youngest among us and their fortitude, we look forward to tackling any challenges we face head-on with innovative ideas and full hearts. The spirit of giving that filled the air during the run, the sense of community building, and the conviction of supporting a cause because it is the right thing to do will stick with us as we work hard to serve our clients with their best interest in mind.
CXIS aims to provide the best possible service to our clients by anticipating their needs. We know P&C insurance and what it takes to truly support agents. That’s why we create dedicated teams to support our clients. Let CXIS take the administrative insurance tasks off your hands so you can focus on the finish line.