#None #Atlanta #LexisNexis #property insurance #Home Claims Insights

LexisNexis Introduces Home Claims Insights Dashboard

In an era where data-driven decision-making is paramount, LexisNexis Risk Solutions has recently unveiled its cutting-edge Home Claims Insights dashboard. This new tool is designed specifically for U.S. property insurance executives, offering them vital insights into market trends and performance benchmarks. As the insurance industry faces rising claim severities and increasing complexities due to natural disasters, providing a robust data analysis framework has become essential.

The Need for Enhanced Market Visibility

The U.S. property insurance landscape has witnessed a staggering 33% increase in claim severities from 2021 to the end of 2024. Catastrophic claims alone accounted for 42% of all property claims during this period, fueled by an uptick in natural disasters coupled with inflation-related costs for repairs. Insurers are thus presented with the challenge of not only managing these claims but also ensuring profitability amid a volatile market.

The Home Claims Insights dashboard aims to empower insurers by delivering timely and clear analytics that enable them to benchmark their claims performance against industry standards. It provides insights into both catastrophic and non-catastrophic claims, offering a well-rounded perspective that is crucial for executives looking to navigate these challenges effectively.

Features of the Home Claims Insights Dashboard

One of the standout features of the dashboard is its ability to deliver current and historical data on claims severity, cycle time, and geographic trends. By aggregating customer-specific data alongside wider industry statistics, the insights generated can help insurers pinpoint whether their challenges are unique or reflective of broader industry trends. This granularity is vital in enhancing operational strategies for better claim management.

Ryan Hupp, director of product management at LexisNexis Risk Solutions, emphasized the importance of ensuring customer satisfaction amidst escalating claim complexities. He noted, "Our Home Claims Insights report is not just a benchmarking tool; it’s a roadmap for identifying operational improvements that lead to enhanced experiences for policyholders."

Accelerated Decision-Making with Data

The Home Claims Insights dashboard offers insights up to 80% faster than traditional industry standards. This is particularly valuable for insurers keen on addressing both CAT and non-CAT claim activities, which have historically been hard to analyze due to data accessibility issues. By scrutinizing various weather-related perils, insurers can gain insights into severity trends that would otherwise remain hidden.

As mentioned by George Hosfield, vice president and general manager for home insurance at LexisNexis Risk Solutions, the insights derived from the dashboard are crucial for making informed executive decisions. An analysis revealed that during the first quarter of 2025, CAT losses increased by 6% compared to the same period in 2024, while non-CAT claims dropped by 5.6%. Furthermore, there was a nationwide severity increase of 12.8%, with metropolitan areas like New York, Boston, and Washington, D.C. experiencing significant spikes.

Notably, the California wildfires in January 2025 led to over 18,500 homeowner claims, with an alarming average paid severity of $540,000 per claim, contributing to a 260% increase in national CAT severity for that quarter alone.

Conclusion

The launch of the Home Claims Insights dashboard by LexisNexis Risk Solutions represents a significant advancement in the resources available to property insurance executives in the U.S. By providing essential market insights and operational benchmarks, the platform not only facilitates better decision-making but also positions insurers to enhance appointment handling efficiency and customer service during challenging times. As the industry evolves, such innovative tools will be indispensable in navigating the complexities of property insurance effectively. For further details, visit the LexisNexis® Insurance Market Insights platform and explore the Home Claims Insights report dashboard.