JERSEY CITY, N.J., October 20, 2016 — Verisk Insurance Solutions, a leading source of information about property/casualty insurance risk, announced that Homesite Insurance expanded its use of A-PLUS™, Verisk’s claims loss history solution, to conduct loss history evaluations at the beginning of the quoting process. This change in workflow will enhance the experience of Homesite customers while improving operational and sales efficiencies. Verisk Insurance Solutions is a Verisk Analytics (Nasdaq:VRSK) business.
For the purposes of cost containment, many insurers order loss history reports just before a policy is bound. However, this increases the likelihood of price changes after an initial quote, leading to a potentially poor customer experience and lower conversion rates.
“Like many insurers, Homesite used to make a trade-off between ordering loss history reports at bind to save money versus a more accurate initial quote,” said Stephen Stayton, vice president and chief actuary at Homesite Insurance. “Through the years, we saw the negative impact of policy quote changes on the customer experience. So we engaged with Verisk to change the process by assessing loss history as customer information is collected to underwrite and rate the policy. Now, we’re providing a more accurate initial quote while maintaining our underwriting standards and holding the line on expenses.”
“Improving conversion rates through better customer experiences while keeping expenses flat and maintaining underwriting integrity is a forward-thinking, innovative approach to profitable growth,” said Steve Lekas, senior vice president of underwriting products for Verisk Insurance Solutions. “Given Homesite’s long history of insurance innovation, we’re not at all surprised by their approach. Verisk is pleased to collaborate with Homesite to offer innovative solutions to help them improve their customers’ experience.”
A-PLUS offers new abilities to optimize the application workflow at the point of quote, including full-detail reports, which provide insight into previous auto and property claims by presenting highly granular information and cost-effective claims loss history indicators. For more information about A-PLUS, visit www.verisk.com/aplusproperty or www.verisk.com/aplusauto.
Homesite Insurance (www.homesite.com) offers insurance coverage for Home, Renters, Condo, Small Business, Term Life, and Flood. Founded in 1997, Homesite was one of the first companies to enable customers to purchase home insurance directly online, during a single visit. Since then, we’ve continued to innovate in our industry, meeting the needs of more than 1 million customers. There’s one thing that has stayed the same since our founding: our commitment to our customers, partners, and employees. Connect with us on Facebook, LinkedIn, and Twitter.
About Verisk Insurance Solutions
A Verisk Analytics (Nasdaq:VRSK) business, Verisk Insurance Solutions is a leading source of information about property/casualty insurance risk. Drawing upon unique data assets and deep domain expertise to provide innovative solutions that are integrated into customer workflows, Verisk Insurance Solutions includes the industry-leading brands of ISO, AIR Worldwide, and Xactware. Around the world, Verisk Insurance Solutions helps customers protect people, property, and financial assets. For more information, visit www.verisk.com/insurance.