IVANS, a division of Applied Systems, has announced a report exploring the both personal and commercial policy transaction trends since the onset of the COVID-19 outbreak.
The report provides a data-driven lens into consumer insurance behavior and industry reaction to the crisis.
Analyzing more than 120 million data transactions, IVANS’ report measures the month-to-month volume of specific policy transaction types, like new policies, policy changes, policy cancellations and policy renewals for both personal commercial lines policies relative to transaction trends.
Leveraging more than 32,000 agencies and 400 insurers and MGAs, this Index is reflective of the policy transaction trends being experienced by all agencies and insurers across the U.S. insurance market.
Due to the impact of COVID, March and April personal and commercial lines transaction activity volume was down sharply, and significantly rebounded throughout May, as compared to the start of March this year.
New policy transaction volume is down -15.8% at the end of May 2020 relative to the beginning of March 2020, which is 3.0 points higher than the end of May 2019.
Policy change transaction volume is up 1.6% at the end of May 2020 relative to the beginning of March 2020, which is 10 points higher than the same day in 2019.
Policy cancellation transaction volume is down -3.3% at the end of May 2020 relative to the beginning of March 2020, which is 1.3 points higher than the end of May 2019.
Policy renewal transaction volume is up 13.6% at the end of May, which is 19.6 points higher than the end of May 2019.
In Commercial Lines, new policy transaction volume is down -38.9% at the end of May 2020 relative to the beginning of March 2020, which is down 22.0 points than the end of May 2019.
Policy change transaction volume is down -46.2% at the end of May 2020 relative to the beginning of March 2020, which is down 28.4 points than the same day in 2019.
Policy cancellation transaction volume is down -62.6% at the end of May 2020 relative to the beginning of March 2020, which is down 51.0 points than the end of May 2019.
Policy renewal transaction volume is down 21.4% at the end of May relative to the beginning of March 2020, which is 6.4 points higher than the end of May 2019.
