ATLANTA, Aug. 23, 2017 /PRNewswire/ -- LexisNexis Risk Solutions, a leading provider of data and analytics in insurance, today 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 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."
The benefits of leveraging the Home Listing Event from LexisNexis Active Insights include helping carriers:
Focus efforts on the risks they want to retain
Provide a superior customer experience by becoming a proactive advisor to policyholders
Reduce expenses associated with retention campaigns by knowing when to reach out to policyholders with a specific message
LexisNexis Risk Solutions
At LexisNexis Risk Solutions, we believe in the power of data and advanced analytics for better risk management. With over 40 years of expertise, we are the trusted data analytics provider for organizations seeking actionable insights to manage risks and improve results while upholding the highest standards for security and privacy. Headquartered in metro Atlanta USA, LexisNexis Risk Solutions serves customers in more than 100 countries and is part of RELX Group, a global provider of information and analytics for professional and business customers across industries. For more information, please visit www.lexisnexisrisk.com.