Insurers know all about the frustrations of having a potential customer start to fill out a form online for a product and then suddenly drop out. So, what can be done to address the issue?
LexisNexis Risk Solutions feels that it may have the answer having just launched LexisNexis Home Prefill, which is aimed at not only reducing dropout rates but also improving rating inputs and speeding up the application process in general. The idea is that once a customer has validated personal data such as their address, key elements of property information will be dropped into the application – such as when the property was built and how many bedrooms and bathrooms it has. This reduces the number of questions asked – so much so that applicants may only need to validate that the information is correct.
According to Jay Borkakoti, director of home insurance UK and Ireland at LexisNexis Risk Solutions, it’s not uncommon for homeowners to have to fill out as many as 70 questions when applying for building and contents insurance – and 16% of customers have expressed frustration at needing to enter details that they think insurers should already hold.
“LexisNexis Home Prefill helps simplify the application process for customers while ensuring the property information submitted is accurate - helping insurance providers deliver accurate first-time quotes as these will be based on reliable, verified information,” said Borkakoti. “It also frees them from the time currently spent on data entry and follow-up calls to validate information, while at the same time providing a better customer experience and reduced acquisition costs.”
The Hood Group is set to be one of the first in the market to use the new data solution and CEO Simon Hood believes it has great potential.
“Hood Group and LexisNexis Risk Solutions are leading the way in improving the home insurance process for both the customer’s benefit and for the sector in terms of improved efficiencies,” he said. “It is exciting and a great demonstration of prefilling key pieces of data at that first point of contact, which may have a significant impact on the entire customer journey.”
