IVANS Releases Special COVID-19 Index Report
June 11, 2020
Report provides data-driven insights into the impact of pandemic on insurance industry
TAMPA, Fla. – June 11, 2020 – IVANS®, a division of Applied Systems®, today announced their latest industry report, COVID-19: Personal and Commercial Lines Policy Transaction Index Report. The latest report explores the both personal and commercial policy transaction trends since the onset of the COVID-19 outbreak, providing a data-driven lens into consumer insurance behavior and industry reaction to the crisis.
Analyzing more than 120 million data transactions, this special COVID-19 Index 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.
Key insights from the data include:
- 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.
- 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.
The full personal and commercial lines policy transaction trends data can be viewed here.
“Our data is showcasing the dramatic impacts that the COVID-19 outbreak has had on our industry, specifically as consumer behavior quickly changed with shelter in place orders spreading across the nation,” said Brian Wood, vice president of Data Products Group, IVANS Insurance Services. “As the data shows signs of rebounding as economies begin to re-open, it is also a clear indication that agencies and insurers are prepared to manage the increasing consumer demand – whether at home or in the office. This is a strong indication the digital revolution of insurance is well underway and will continue to play a major role in competitively differentiating innovative and technically capable agencies.”
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About IVANS
IVANS, a division of Applied Systems, is the insurance industry’s exchange connecting insurers, MGAs, agencies, and the insured. IVANS cloud-based software automates the distribution and servicing of insurance products. For more than 35 years, IVANS innovation and expertise has connected 32,000 independent insurance agencies and 400 MGA and insurer partners to enable millions of people to safeguard and protect what matters most in people’s lives.