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 year1and 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:
About LexisNexis Risk Solutions
LexisNexis® Risk Solutions includes seven brands that span multiple industries and sectors. We harness the power of data, sophisticated analytics platforms and technology solutions to provide insights that help businesses and governmental entities reduce risk and improve decisions to benefit people around the globe. Headquartered in metro Atlanta, Georgia, we have offices throughout the world and are part of RELX (LSE: REL/NYSE: RELX), a global provider of information-based analytics and decision tools for professional and business customers. For more information, please visit LexisNexis Risk Solutions and RELX.