LIFT

Get LIFT® – Powerful new data to segment credit no hits and no scores in personal lines underwriting

Today's challenge in personal lines underwriting is what to do about the no hits and no scores from traditional credit-based insurance scoring. Carriers know that this 10% to 20% of applicants typically have a higher loss ratio than the book average, but lack the tools to segment risk for proper rating. That's where LIFT® is needed.

LIFT® (Loss Improvement Forecasting Tool) contains new consumer financial data not available from the three major credit-reporting agencies: check-writing and banking histories, nontraditional credit activities, and monthly bill payment histories. By adding LIFT® to credit-based insurance scoring, you can benefit from risk-predicting credit data on virtually all applicants!

The LIFT® Credit Report has nearly 100 new variables containing additional consumer financial information about an applicant that demonstrates a strong correlation to future loss. Using these additional indicators of risk can help you take appropriate underwriting action to write more business and reduce losses on all applicants.

By implementing LIFT for no hits and no scores, innovative insurance companies are able to reward good risks with competitive pricing and identify higher risk individuals for appropriate underwriting actions.

Importantly, LIFT can also create incremental value in segmenting EVERY applicant, because it has been proven to provide underwriting lift even after applicants have been through the insurance scoring process.

For companies not using credit, click here to go to our FAQ entry on how to use LIFT as a stand-alone product.

For a retrospective data analysis, please contact Convergence Data.

PRBC and Convergence Data Announce Marketing Agreement

See the press release on our News page.

For an overview of LIFT, please download the product sheet.