Small Commercial Insurance Solutions
Small businesses are forming every day, with diverse coverage requirements and rising expectations. How do you meet the needs of this rapidly changing market?
From identifying industries and businesses to add to your portfolio, to improving risk assessment and straight-through processing, Verisk’s solutions can help you increase automation and focus on tasks that add more value to your business.
Verisk’s innovative products and tools span the small commercial policy life cycle
Research, Develop, & Expand
Expand your business with confidence and build for the future with a strong foundation.
Implement, Issue, & Renew
Reduce friction during critical points in the policy life cycle.
Underwriting, Risk Selection, & Rating
Use robust property and business data for more accurate risk selection and pricing.
Portfolio Assessment & Compliance
Unleash the power of your property and business data while staying compliant.
Small businesses are big business for insurers. We can help.
$140+ billion
In direct written premium in the small commercial segment
12 million
Small businesses without insurance, with millions more underinsured
$65 – 70 billion
Untapped small commercial market opportunity
Bad underwriting data can be costly
Inaccurate or missing information on small commercial policies can lead to underinsurance for millions of small businesses and unsustainable premium leakage for providers. Reliable data and analytics solutions powered by innovations in machine learning and artificial intelligence (AI) can help insurers avoid costly misclassifications.
How many hours do you spend on manual research?
How many hours do you spend on manual research?
If an underwriter spends as little as 10 minutes searching for basic information to perform a risk assessment on a small business, it can quickly add up to thousands of hours per year. Verisk provides extensive data about small businesses in seconds using just a business name and address.
- Reduce or eliminate the need to ask for information from business owners
- Free up time for more complex, high-value risk assessments
- Deliver quotes with more speed and confidence
Boost your Business Owners Program with accurate insights
Automated Underwriting: Winning in the Race to Zero
For effective automated underwriting, insurers must master the intersection of data, analytics, workflow, and technology.
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Reduce the noise in small commercial data
Identifying the essentials can put you ahead in the race to zero questions.
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High-quality data providers accelerate small commercial underwriting
There’s so much that goes into developing a high-quality small commercial underwriting data solution—from data governance and sourcing to compliance and model building.
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Beyond the Buzzword: Understanding the power of AI in small commercial underwriting
Learn how artificial intelligence and machine learning are reshaping the landscape of small commercial insurance underwriting.
Learn moreWe chose to partner with Verisk because of the accuracy of their data. Their validation process stands out in a crowded marketplace, and it gives us the confidence to make data-driven decisions.
- Adam Vander Weerdt
- Manager, Commercial Lines Product Management, West Bend
Developing a path to digital transformation
Developing a path to digital transformation
Automating the underwriting of commercial insurance is complicated. Businesses pivot, regulations evolve, and data quality fluctuates.
There are insurers, though, that have found a path forward. They’ve developed an in-depth understanding of their existing processes, identified and prioritized their plans, and leveraged insurance expertise and insurance-ready data to create a sustainable pipeline of innovation.
Get a clearer picture of risk exposure with image analytics
Get a clearer picture of risk exposure with image analytics
In today’s fast-paced, digital marketplace, the value of pictures isn’t measured in thousands of words, but in millions of dollars. Computer vision can “see” images on a company’s website , social media pages, and customer review sites through the eyes of an underwriter.
Discover how image analytics opens a new window to see your customers and applicants more clearly than ever before.
Verisk’s value extends beyond data accuracy. It’s part of the engine allowing us to bring tailored coverages to small businesses.
- GILD Insurance
Looking for a data and analytics partner to help you innovate? We’re here to help you with your digital transformation.
Stay competitive. Automate underwriting. Accelerate decision-making.
Stay competitive. Automate underwriting. Accelerate decision-making.
Data and advanced analytics can drive everything from decisions on new markets and segmentation to standing up new lines of business in months versus years. Increase speed to market and boost profitability by embracing the new era of digital transformation for commercial lines insurance.
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
Additional insights
Bringing a BOP program to market with comprehensive tools and support
The ISO businessowners policy program is ready out of the box to meet many carrier requirements
Read the article
Car theft is on the rise. Here’s what Verisk data told us about it.
How we analyzed a TikTok challenge that encouraged car theft.
Read the article
It’s a good time for insurers to consider a businessowners program
Solutions to ease entry into the businessowners policy program market and sustain that business across the value chain.
Read the article
Can insurers make finding growth opportunities easy? Absolutely
Here's one way to stay ahead of the competition.
Read the article