ATLANTA — LexisNexis Risk Solutions, a leading provider of data and analytics in insurance, has launched a new event delivered through LexisNexis® Active Insights, the Home Listing Event for Auto insurance. The event notifies insurers when a policyholder lists his or her home for sale and/or achieves a certain status within the home selling process. Internal analysis of industrywide U.S. insurance shopping data conducted by LexisNexis Risk Solutions shows that when a home policyholder lists a home for sale, s/he is three times more likely to shop an auto insurance policy. When that listing enters a status of sale pending, the policyholder’s attrition rate is 10% at 90 days following that particular event.
By monitoring their books of business with LexisNexis Active Insights, auto insurers can use the home listing event to proactively reach out to their customers about the changing needs of the household and create opportunities to impact retention and demonstrate their commitment to customer service.
“This is critical information that can help insurers provide a timely and valuable service to policyholders,” said Vic Bayus, Vice President of Product Management, Insurance, LexisNexis Risk Solutions. “Acting on these notifications can open the door to more quickly meeting customer needs and expectations, increasing retention and improving cross-selling efforts while optimizing expenses.”
About LexisNexis Risk Solutions
LexisNexis® Risk Solutions harnesses the power of data, sophisticated analytics platforms and technology solutions to provide insights that help businesses across multiple industries 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.