{"id":2692,"date":"2023-03-15T21:26:53","date_gmt":"2023-03-15T21:26:53","guid":{"rendered":"https:\/\/test.veracityid.com\/?p=2692"},"modified":"2023-03-15T21:46:28","modified_gmt":"2023-03-15T21:46:28","slug":"the-value-of-the-cooperative-insurance-customer","status":"publish","type":"post","link":"https:\/\/test.veracityid.com\/new\/the-value-of-the-cooperative-insurance-customer\/","title":{"rendered":"Risk mitigation and the cooperative insurance customer"},"content":{"rendered":"\n

Interesting survey results from Bain<\/a> via P&C Specialist<\/a> suggest that far more than prior generations millennial consumers are expecting their carriers to do more than simply pay claims, they want help preventing damage from happening. This offers carriers an opportunity to find and target the high value cooperative insurance customer.<\/p>\n\n\n\n

\u201cOverall, about 60% to 70% of customers expressed interest in using risk prevention services from their home and auto insurers, respectively, and I think in part this has increased in importance,\u201d Senior Partner\u00a0Keith Donnelly<\/strong>\u00a0said. The trend is more pronounced in Millennials than among groups such as Gen Xers and Baby Boomers, he noted.

\u201cThe time to close a claim and restore a customer\u2019s life has lengthened after the onset of the pandemic due to supply chain disruptions, so that it\u2019s even more important now to not just have your life restored, but if you could not have that disruption in the first place, that\u2019s even better,\u201d Donnelly said.

<\/em>We think they\u2019re right but the article neglects an aspect of this trend that we at VeracityID<\/a> believe will be very important for carriers going forward:\u00a0 Risk discovery.\u00a0 By engaging customers in risk mitigation activities during application, carriers can better understand the underlying risks of the assets they underwrite.\u00a0 There are two reasons:

First, the act of documenting an important feature like the existence and operation of an alarm system gives carriers useful information about the relative risk level faced by that asset.

Second and perhaps even more importantly, simply the willingness<\/strong> of an insurance customer to take the time to go through a self-service risk mitigation process is a powerful indicator of their overall cooperativeness and conscientiousness. We have found that this customer behavior is \u2013 under certain circumstances \u2013 highly correlated to lower loss experience<\/strong>.

It turns out that the cooperative customer is usually the best customer type. But the key is finding low cost, low friction ways to help them efficiently gather risk details and give them valuable mitigation reasons to want to do so. To that end VeracityID has developed a suite of tools that can be deployed during the auto insurance application process to document various aspects of risk. We are currently adapting those tools and other third-party tools to deliver a complete suite that integrates with our idFusion Risk Detection and Selection platform.

We believe that Risk Identification and Risk Mitigation<\/a> to maximize the value of the cooperative insurance customer will be key to superior Personal Lines carrier performance going forward.<\/p>\n","protected":false},"excerpt":{"rendered":"

Interesting survey results from Bain via P&C Specialist suggest that far more than prior generations millennial consumers are expecting their carriers to […]<\/p>\n","protected":false},"author":2,"featured_media":2695,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-2692","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"yoast_head":"\n- VeracityID<\/title>\n<meta name=\"description\" content=\"The cooperative Insurance customer is the very best customer because she works with carriers to document and mitigate risks.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/test.veracityid.com\/new\/the-value-of-the-cooperative-insurance-customer\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta 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