Home Listing Event from LexisNexis Risk Solutions Helps Insurers Retain Customers More Likely to Switch Insurance Pending a Move

By a News Reporter-Staff News Editor at Insurance Weekly News -- LexisNexis Risk Solutions, a leading provider of data and analytics in insurance, announced the availability of the Home Listing Event for LexisNexis® Active Insights, which enables insurers to retain customers by providing timely notification when a policyholder has listed a property for sale. Using Active Insights to monitor their books of business for events such as a home listing empowers insurers with actionable insights that can inform customer service strategies and enable a proactive outreach to policyholders about potentially changing needs within their households.

According to US Census data, approximately 15 percent of the US population moves every year and one-third of these individuals are existing homeowners. A LexisNexis Risk Solutions internal analysis found that when a policyholder lists a home for sale, s/he is three (3) times more likely to shop their insurance. LexisNexis experts say this is a huge opportunity for insurers. About five (5) million existing homes are sold every year[1] and when a policyholder's listed home enters a Pending Sale status, the policyholder's attrition rate is 40 percent at 90 days following the event. This represents 12x the normal attrition rate.

"We know from our research that home sellers shop more often for insurance and that it takes on average 51 days for a shopper to leave from the first date of shopping, indicating that insurers have time to act and focus on customers they want to retain," said Vic Bayus, Vice President of Product Management, Insurance, LexisNexis Risk Solutions. "Our analysis indicates that 80 percent of homes listed sell within a median of 76 days from the listing date to close and the mode tends to be between weeks 5 to 8."

Keywords for this news article include: LexisNexis Risk Solutions.

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