Household analytics provides the ability for insurance carriers and agents to view and understand the portfolio dynamics at a household level instead of just at the individual level. Household analytics allows you to:
Offers for households can be different from the offers for individuals.
Once you have a clear view of a household, you can determine which offers are the best fit for each individual or family. Householding can also assist in identifying customers who may be at risk for non-renewal and provide the opportunity for early prevention.
VIP customers are your most profitable customers and as a result, require extra focus and attention.
A detailed review of portfolio risk management and concierge solutions and services is necessary to deliver quality service to these affluent customers. These accounts need to be handled very diligently; a high-end customer account can continue to grow, and they require and expect exceptional services. The measurement of customer experience is more extraordinary, making the challenge more essential.
By having household analytics, you can remain in control, and ask the appropriate questions to protect the client and their families. Stand out by customizing service offerings to meet the unique challenges and prevent any disruption to the household.
The VIP client can be more profitable and is a solid contributor to an agency’s or carrier’s income. These top-tier accounts are typically one-third more profitable than the mass-market segment.
Household Analytics can help insurers reduce costs while maintaining profitable books of business.
Household analytics can help carriers and their agents understand their customers better and therefore be able to provide the proper consultation and expert advice necessary for the entire household.
This reduces the possibility of having a coverage gap between the primary policies and the umbrella policy.
Household Analytics is an essential strategy to build brand loyalty, increase revenue and drive profits.
Read our blog article "4 Use Cases for Household Analytics" to learn more about how Household Analytics can be used to improve the customer experience of your policyholders.
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