Improving Retention Through Hardening Markets


As we pass the 1-year mark into a global pandemic, both insurers and insureds are trying to navigate through a changing insurance landscape and a hardening market not seen in nearly 2 decades.


A recent survey by brokerage firm, Alera Group Inc., forecasts an average rate increase of 11.6% across all lines of business for 2021. With investment returns taking the inverse course, pressure to drive strong underwriting results has become imperative. Outside of just price increases, buyers can expect to see an increase in coverage exclusions along with higher retentions and deductibles.


This is coming at a time as a paradigm shift in power has transferred from the carrier to the consumer. As the emergence in technology to deliver hyper-personalized experiences, so do the expectations for insurance carriers to operate in a digital world. In a highly competitive industry with the highest client acquisition costs, client retention through differentiation is king, and the battle for your clients will be won based on user experience.

Outside of price, the ability for insurers to help t heir policy holders proactively protect themselves from emerging risks was cited as the top factor (55%) in their decision making when it comes purchase and renewal decisions, according to Deloitte. Insurers that are able to meet and exceed their client’s expectations receive a number of benefits including: higher likelihood of buying additional coverage, lower sensitivity to price increase, increased referral rate and lower frequency/severity of claims just to name a few.

At in2vate, we work with our coverage providers to develop a technology infrastructure that allows for a digital distribution of resources specific to coverage or business type. These resources are agnostic meaning they can be provided by in2vate, the carrier or the policyholder themselves leading to a platform individualization unique to the needs of each organization.

As a result, our partners have increased their ability to reach significantly more policyholders at a fraction of the cost by utilizing digital labor. With an average rating of 9/10 in customer value derived from our system, our partners have experienced a measurable increase in user experience. Increased engagement and U/X, however, aren’t the only benefits of implementing a digital ecosystem of services. Not only does the system allow for a dynamic and agile platform to deliver personalized services, it also acts as a data aggregator to support internal core processes.

Loss control reps and agencies can improve meaningful engagement with their policyholders by monitoring positive engagement with services, underwriters are able to improve their insight into the actions an insured is taking to protect their organization, and decision makers throughout the value chain are better able to implement strategy based on actionable data derived through usage and a decrease in frequency and severity in claims through improved policyholder behavior.

While there is no one silver bullet, carriers who are actively investing in user experience through digital engagement capabilities are not only setting themselves up for today’s hardening market, but the ability and agility to shift to whatever challenges tomorrow may bring as well.

If these challenges and opportunities are on your radar, contact Nick Duffield at and we would love to talk and see if there is an opportunity for us to help you as well.

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