Insuranceisland\'s flagship solution using sophisticated modeling techniques - developed in association with Professors from GW and University of Chicago

1. Redefining the Insurance Industry
Would you like to know a prospects propensity to
renew at the time of New business?
The P&C insurance industry is facing tremendous price pressures stifling Premium growth
and catapulting it as the number one issue. Most insurance carriers are seeing their
profitability plummeting and the COR reaching towards dismal 100! Only tighter
underwriting and continual risk management can pull the industry out of this turmoil.
Improving retention is one of the key strategies to manage profitability and
performance.
Insuranceisland’s alert system RiskStrobe – a cutting edge detection engine can help
insurance companies to reduce risk and improve the bottom line.
Customer Retention
Successful retention is a continual process – begins with the first customer contact and
continues throughout the entire lifetime of a relationship. Built on this principle, RiskStrobe
enables your organization to quickly gain a better understanding of the variables that
influence customer defection – allowing you to determine not only which customers are
likely to cancel (non-renew), but also the critical reasons.
Price pressures due to dramatic increase in competition among insurance providers and
declining loyalty among their customers has placed new emphasis on the value of customer
retention. Insurers are under pressure to increase premium growth and new customer
acquisition is a lot more expensive than retaining old ones. To maintain profitability it is
imperative to determine whose policies are likely to get cancelled, and which of those
customers are most valuable, so you can take the necessary steps to prevent their attrition.
Because insurers are under pressure to increase premium growth & profitability – and
because recruiting new customers is a lot more expensive than retaining old ones – it is
imperative to determine which policy holders are likely to get cancelled, and which of those
customers are most valuable, so you can take the necessary steps to prevent their attrition.
Such retention projects require organizing and analyzing huge volumes of data that are
often difficult to access and consolidate. And many firms simply lack the ability to support
the complex data mining and Statistical analytical tasks that are essential to combating
customer attrition.
How Insuranceisland can help?
RiskStrobe uses customer data gathered from all corners of the enterprise to calculate a
customer's likelihood to have a specific policy lapse. Marketers can use these quot;likelihoodquot;
scores, in combination with customer profitability information, to segment the existing
customer base and effectively target valuable customers to prevent further attrition.
www.InsuranceIsland.com 30285 Bruce Industrial Pkwy, Suite C, Cleveland, Ohio 44139
Toll Free: 866-INS-ISLE Fax: 440-349-0021 info@InsuranceIsland.com

2. Redefining the Insurance Industry
With Insuranceisland you can:
Accurate reporting on lapsed policies
•
Mining of major factors influencing that lapse.
•
Predicting a customer / prospect who is likely to renew in the near future.
•
Proactive, rules-based analysis of a prospect’s behavior.
•
Create an accurate early-warning alert system.
•
Policy Statistical Modeling
Data & Data Mining
Detection
External
Rules
Data
Sources
Early Warning of
Retention alerts
RiskStrobe relies on insurance specific processes and architecture, and provides you the
capabilities to gather customer data from disparate sources within your organization,
cleanse and standardize this data and then derive intelligence from it. Our solution helps
calculate a customer’s likelihood to cancel a policy. RiskStrobe can generate detection rules
that can be used in real-time to measure a new prospect’s propensity to renew the policy
after the first renewal period and ongoing basis.
For more information call 1-866-INS-ISLE or
sales@insuranceisland.com
www.InsuranceIsland.com 30285 Bruce Industrial Pkwy, Suite C, Cleveland, Ohio 44139
Toll Free: 866-INS-ISLE Fax: 440-349-0021 info@InsuranceIsland.com