The small business sector represents over $15 billion in potential market for insurers, but it’s challenging to penetrate and then expand into. You need both speed and scale to make BOP profitable, but you can’t compromise your underwriting guidelines. Fortunately, with Verisk’s BOP solution none of that is mutually exclusive.
Our automated service speeds up the underwriting process dramatically, provides straight-through underwriting, and supports the volume needed to be profitable. BOP loss ratios are attractive, but expense ratios can be high—an improvement on expenses can result in higher profitability.
Automation is the key to success
The only way to attain the speed and scale you need to expand in the BOP market successfully and profitably is through an all-encompassing straight-through solution, and that’s what Verisk Insurance Solutions offers. Not only do we allow you to process BOP applications quickly, we also supply the data to let you do it reliably, controlling and lowering expenses by freeing up underwriters to complete more applications or focus on other important tasks.
Our solution is powered by the ProMetrix® API (application program interface), and your volume is only limited by your appetite for the business. You get the competitive advantage you need in a market where an estimated 71 percent of underwriters have lost business because they took too long to process it.
Verified data from ProMetrix
This reliable data comes directly to you through the ProMetrix database of more than 3.7 million commercial properties and more than 26 million businesses. By prefilling and validating data, Verisk’s BOP solution eliminates misinformation and provides verified underwriting data through the automated process, maximizing speed and business volume. Verisk provides the key elements of a BOP insurance application, including traditional rating and pricing characteristics such as industry and size of exposure, crime analytics, business credit used for risk selection and pricing, and much more. You’ll serve your customers better, giving them BOP coverage that meets their needs at appropriate premiums.
For more information about Verisk Insurance Solutions BOP solution:
- Call Verisk Customer Support at 1-800-888-4476.
- Insurance Information Institute, Verisk Insurance Solutions estimated portion of $39B CMP, Insurance Fact Book, 2016
- McKinsey & Company, Small Commercial Insurance: A Bright Spot In the U.S. Property-Casualty Market, 2016
- Verisk Insurance Solutions