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Navigating Data Challenges in Commercial Insurance and Optimizing the Renewals Process
A Path to Reducing Churn and Enhancing Customer Experience for the Renewals Process
For commercial insurance carriers, underwriters, and brokers managing renewals.
Key findings
- 45% of insurers' commercial customers have inaccuracies in critical areas such as business activities and addresses.
- 25% of mid-market businesses spend over two hours on renewal paperwork.
- 14% of insurers' commercial customers don't receive renewal reminders from their insurers.
- In 2022, the average churn rate was 19.7%, spiking to 23% in October during peak renewal periods.
- Around 20% of small businesses are misclassified in insurance categories, leading to premium discrepancies.
- Companies with strong ESG profiles have up to 20% lower risk profiles, affecting insurance terms.
Overview
What this report covers
An in-depth analysis of data challenges facing commercial insurance renewals, their contribution to churn, and how Veridion's AI-driven decision-grade data can optimize the renewal process — from risk assessment to customer retention.
45%of commercial customers have data inaccuracies
19.7%average churn rate in 2022
23%churn spike in October, the peak renewal month
25%of mid-market businesses spend 2+ hours on renewal paperwork
Inside the report
Questions this report answers
- Why is the renewal process still the leakiest point in commercial insurance?
- Which business data changes mid-year, and how does stale data drive churn?
- What does overlooking a single customer relocation do to a policy? (worked case study)
- How do you keep risk assessment and pricing accurate between renewals?
- How can API-integrated external data cut churn and premium leakage?
Contents
What’s inside
- Data challenges insurers face during renewals
- How data gaps drive up churn
- Business data that changes during the year, and its risks
- Case study: overlooking an IT company’s relocation
- Improving due diligence with Veridion risk monitoring
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