LexisNexis® Lapse Alert helps improve customer retention by identifying patterns in a carrier’s book of business. The model predicts the likelihood of an insured to lapse or surrender their life insurance policy. LexisNexis® Lapse Alert may include data attributes such as wealth indicator, address stability, dwelling, presence of professional license, bankruptcy, number of unreleased liens, age and other attributes that are predictive of policy lapse. Life carriers can apply the results from LexisNexis® Lapse Alert to quickly identify those policies most likely to lapse and take immediate proactive action to conserve the business.
Key Benefits of the LexisNexis® Lapse Alert:
- Scoring capability - low scores correspond to higher attrition rates while high scores indicate a lower propensity of insureds to lapse or surrender. Policies below the threshold set by the carrier will be flagged for their conservation program.
- Attributes – availability to the subject’s wealth, address stability, presence of a professional license or a bankruptcy, dwelling type, number of all unreleased liens, age and others are predictive of lapse rate.
- Investment return – maintain low levels of customer churn and for carriers to retain their better customers longer to ensure profitability.
- Minimal IT resources – life carrier will need fewer IT resources to run ad-hoc reports for policy owner service employees and producers.
Combining the score and attributes insight creates a clear picture of in-force book performance and supports strategies that improves retention and grow revenue.
LexisNexis® Lapse Alert works with minimal inputs to provide predictive policyholder lifecycle patterns. This batch solution uses customized thresholds specific to your business to help flag policies with an easy-to-interpret rating. This can help identify accounts that need deeper conservation efforts or further attention.
Key Features: LexisNexis® Lapse Alert
- Improve insurer’s persistency
- Proactively target policies likely to lapse, terminate or replace
- A customized Lapse Alert Summary Report
- Listing of the scores
- Reason Codes
- Reason Code Description
- Month in Force
- Insured Age
- Insurer ‘s may develop best practices for customer contact/follow-ups
Predicting the persistency of carriers’ in-force policy holders will create a proactive approach to customer retention and add more policy data insight.
Get it now: For more information about LexisNexis® Lapse Alert, call 800.869.0751.