Gain a deeper understanding of customers through geodemographic classifications

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.

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Incorporate geodemographic classifications into your workflow

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.

Underwrite more accurately and efficiently

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.

 

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Insurance-specific classifications

Many lifestyle and neighbourhood classifications are created with no specific industry in mind, whereas Resonate is built specifically with insurance uptake trends in mind.

Make sense of large and complex socioeconomic data sets

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.

 

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Identify more profitable customers

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.

Contact us:

Verisk Customer Support: 01252 365460 (UK)
Email: ukunderwriting@verisk.com