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Book Smart: How to find hidden risks and opportunities in your small commercial insurance portfolio

Small Commercial Portfolio Analysis

Verisk can analyze your small commercial portfolio using the data insights that power LightSpeed® Small Commercial. Tap into complete business profiles that help uncover full hazard, exposure, and operational information, supported by analytics on data from an array of public and private sources, websites, and social media profiles. The resulting audit packages all available attributes into a comprehensive resource for cleansing portfolios, aligning coverage, and pricing with exposure-based or actuarially modeled risk correlations.

How does it work?

  • Send Verisk a list of existing small commercial customers, including business name, address, and owned URLs when possible.
  • Verisk’s solution scours a multitude of data sources and the insured’s website and analyzes the data in near real-time with proprietary AI and machine-learning algorithms.
  • Verisk delivers a spreadsheet with all risk attributes available for you to use in cleansing your small commercial portfolio.

Verisk’s Small Commercial Portfolio Analysis solution can help insurers to:

  • Identify additional hazards currently in their book
  • Avoid underwriting risks outside their appetite
  • Control premium leakage by applying adequate rate increases
  • Minimize the risk of surprise claims for unknown risks
  • Improve customer retention by justifying favorable renewal terms, where warranted
  • Help ensure portfolio risks align with reinsurance treaties
  • Find granular, industry-specific hazards at the policy level
  • Build business profiles to prequalify and pursue businesses to underwrite
  • Better align their book to their risk appetite

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Verisk’s comprehensive data is helping us improve not only our ease of doing business but also our underwriting results.

  • John Eckmair
  • Utica National Vice President and Chief Underwriting Officer

How Verisk can help

Lightspeed Small Commercial

How Verisk can help

Streamlining the underwriting process requires confidence in the quality of the data you rely on to make decisions. Using a data provider with broad insurance industry expertise can translate into a nuanced understanding of the insights generated by image analytics. Verisk data scientists continually test and develop models to ensure the level of reliability needed to provide actionable underwriting insights that can help you sustainably grow your portfolio and boost profitability.

Integrated directly into LightSpeed® Small Commercial, image analytics paired with other robust data sources can provide insurers with a holistic underwriting solution that helps refine risk assessment and improve customer and agent experiences.

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