Knowing the risk profile of different segments of the population can be critical to UK personal lines insurers looking to optimise marketing resources and identify more profitable customers.
You can use the Resonate classification to help track insurance uptake trends across your client base for product builds and marketing offers. Risk assessments of customers can be generated based on their claim frequency and average claim value.
Gain insight into areas where you have no experience and easily grade postcodes and addresses into relative risk bands to help improve underwriting and rating.
Many lifestyle and neighbourhood classifications are created with no specific industry in mind, whereas Resonate is built specifically with insurance uptake trends in mind.
Resonate consists of 1000 different demographic clusters ranked by relative affluence. These clusters have then been grouped into 50 distinct neighbourhood types aggregated further into 11 lifestyle groups.
With Resonate, not only can you improve customer engagement with more focussed and relevant messages to the right customer segments, you can also understand loss ratios by lifestyle and increase the accuracy of your risk pricing.