Renewal Retention Service
Proactively address policy attrition with targeted retention strategies
LexisNexis® Renewal Retention Service helps insurers increase their renewal rates. Renewal Retention Service can be applied as a turnkey solution or in a modular fashion, providing carriers with a scalable and flexible option that best integrates with their retention strategy.
With LexisNexis Renewal Retention Service, insurers receive timely information on customers who are at-risk of leaving, providing them with the opportunity to prevent attrition. Renewal Retention Service also provides reasons for the attrition risk, allowing insurers to address customers’ specific needs.
Benefits
By combining unique, comprehensive data and advanced analytics, Renewal Retention Service allows carriers to:
- Monitor policies nearing expiration
- Identify at-risk policies
- Engage at-risk policy holders to prevent attrition
- Track and analyze the results of renewal activities to continually improve retention rates
- Focus retention budget on at-risk customers
The Renewal Retention Service is not provided by “consumer reporting agencies,” as that term is defined in the Fair Credit Reporting Act (15 U.S.C. § 1681, et seq.) (“FCRA”) and does not constitute “consumer reports,” as that term is defined in the FCRA. Accordingly, the Renewal Retention Service may not be used in whole or in part as a factor in determining eligibility for credit, insurance, employment or another purpose in connection with which a consumer report may be used under the FCRA. Due to the nature of the origin of public record information, the public records and commercially available data sources used in reports may contain errors. Source data is sometimes reported or entered inaccurately, processed poorly or incorrectly, and is generally not free from defect. This product or service aggregates and reports data, as provided by the public records and commercially available data sources, and is not the source of the data, nor is it a comprehensive compilation of the data. Before relying on any data, it should be independently verified.