RESONATE LIFESTYLE© is a geodemographic classification of all households and streets across the UK and Northern Ireland. Every neighbourhood has been grouped into a number of similar categories based on a wide range of demographic, environmental, lifestyle and socio economic data. The whole premise underpinning geodemographic segmentations is that ‘birds of a feather flock together’ meaning that people living in similar areas sharing common attributes will have similar wants, needs and desires and exhibit similar behaviour.

RESONATE LIFESTYLE© is the only geodemographic classification enhanced specifically for the UK and Northern Ireland personal lines insurance market. This enables a more detailed analysis of personal lines business, helping to optimize marketing resource, fine tune rating and gain a more in-depth understanding of risk across an insurer book. It is a very powerful analytical tool in the hands of a skilled insurance professional, providing much greater discrimination and segmentation than other more generic or general systems currently available.

RESONATE LIFESTYLE© has been built from a wide range of data sources, including the latest census information and environmental risk factors as well as data related to lifestyle and affluence. Sophisticated mathematical and statistical algorithms have been used to develop a robust and reliable classification and the variables within the computer modeling process have been weighted so as to make the resulting solution of more relevance to support insurer business processes.

The output from the solution has been built at three different levels to provide a wide range of analysis options. At the lowest level RESONATE LIFESTYLE© consists of 1000 different demographic clusters, ranked by relative affluence. These clusters have then been grouped into 50 distinct Neighbourhood Types which have been aggregated up further into 11 Lifestyle Groups ranging from ‘Affluent Achievers’ through to ‘Breadline and Benefits’. The Group names are short and capture the essence running through each of the Lifestyle Groups.

Key Benefits

  • Understand the business’s current market penetration across segments.
  • Increase the accuracy of your risk pricing and lower your cost ratio.
  • Track product uptake trends across your customer base for product builds and marketing offers.
  • Understand a customer’s behaviour towards price in a competitively priced market.
  • Provide a risk assessment of customers based on their claims frequency and average claims value.

If you would like to find out more about how Resonate Lifestyle© can help you please contact one of the Business Insight team.

Business Insight is a Verisk Business Verisk Analytics ®