End-insureds that use InsurLink are 4% more likely to renew than those that don't
Notes: Vertafore compared policies held by InsurLink users and non-InsurLink users to find that policies held by InsurLink users are on average 4% more likely to renew than policies held by non-InsurLink users. This finding is based based on a logistic regression of policies for over 3600 brokers and end-insureds from 1 July 2014 to 14 February 2019 that identified policy retention of 84% on InsurLink vs 80% off of InsurLink. Vertafore does not guarantee any change in a specific agency's end-insured renewal percentages as results may vary."
Employee cost savings are calculated by using average reductions in time spent on specified activities based on a Hobson analysis of 24 customers. This analysis assumes 261 working day per year and average tax and benefits costs at 30% of employee salary based on data from Bureau of Labor Statistics. https://www.bls.gov/news.release/pdf/ecec.pdf)
Document distribution cost savings are based on agencies mailing 4 documents per customer per year and $.55 mailing cost per letter. Results may vary depending on number of documents sent to each customer annually as well as any changes in postal prices