A Unique Service: Policy Growth & Retention
Given the growing prevalence of various analytics offerings and comparative raters, P&C companies have increasing insight to rate competitiveness. But if it’s known that rate is reasonably competitive, then why might production, quoting, hit ratios, or retention be down in particular territories?
CXIS uniquely partners with P&C insurance companies to address these issues & improve top line growth. To date, our clients average a 23% YOY increase in new business production and a 2% increase in retention. We deliver these kinds of results through an automated blend of aggregation & modeling across financial, operational, market, & experience data.
Pinpoint geographically local opportunities for quote volume, hit ratio, & retention lift
Mitigate agent & policyholder experience pain points
Avoid competing on rate alone
Unlock hidden growth opportunities
Is It Always About Rate?
Well, not always. While rate clearly is a core driver of hit ratios & retention, other factors also impact buying decisions – factors that often times can be fixed faster than rate. CXIS quantifies these factors, but more importantly measures their impacts on financial & operational performance through a proprietary blend of automation & statistical modeling. We deliver proven and repeatable financial improvement for P&C insurance companies.
Claims Experience → Insurer Profitability
Given the criticality of claims experience to P&C carriers – and its repeatedly proven impacts on net promoter score & insurer profitability – CXIS has designed a series of programs to measure & improve claims experience for both policyholders & agents.
In addition to the Net Promoter Score framework, the CXIS Claims Experience Programs facilitate improvement across functional areas including First Notice of Loss, Service Interaction, Field Estimate, Repair Process, & Settlement. We stratify experience measures by Cycle Time, Severity, Desk Adjuster, Field Adjuster, Product, State, County, Cause of Loss, and other operational variables to drive both internal and external experience accountability.
Actually Doing Something With It
On its own, data can be somewhat useless. It usually helps to do something with it. Unfortunately, even when presented with compelling insights many P&C companies are too busy running day-to-day operations to step back, digest, and translate data into tangible execution.
As part of its Policy Growth & Retention Services, CXIS is able to facilitate a Continuous Improvement Program:
- Cyclical review of data, insights, & improvement opportunities
- Linkage to in-flight or planned projects
- Measured impacts on experience data & financial performance
Facilitated by seasoned P&C experts, CXIS helps companies actually use data to bridge the gaps between insight, execution, & financial performance.