Insurers are investing in improving underwriting quality to increase profitability—and inefficient processes are a top challenge.1 To help profitably grow your small commercial book, you need an underwriting process that minimizes or eliminates follow-up calls with agents and customers and provides high-quality data to inform classification, pricing, and risk selection.
Of businessowners policy risks are generally misclassified2
Worth of businessowners policy premium leakage results from misclassification in a single year3
Of insurers cite improving risk and pricing outcomes as important or very important factors driving investment4
The Casualty Underwriting Advantage Report can serve as the beginning of an insurer’s automation journey by quickly verifying application information and underwriting risks. A single comprehensive report delivered online gives underwriters a 360-degree view of risk. And accurate information can inform underwriting at every stage of the policy lifecycle.
We help you improve risk selection by profiling specific risks based on certain characteristics. We deliver data, analytics, and metrics you can’t get from any other provider—all in one simple-to-understand report delivered via the web.
Perhaps best of all, you get this actionable information aggregated in one easy-to-use web interface. The online report eliminates the need to rely on self-reported audits, perform days of research, or price spontaneously. You won’t have to guess at a business’s classification, exposure, or management efficiency, because the report provides a comprehensive picture of the risk. That includes characteristics and incidents that represent specific, tangible risks along with valuable estimates of management quality.
The data we supply is credible, accurate, complete, and not available from any other single source. You’ll make speedier quotes, adhere to your underwriting guidelines, process more applications, write more profitable business, and provide your customers with proper rates.
Ultimately, better pricing and risk management help improve your relationship with your insureds. They can count on their liability coverage when they need it, and you’ll increase your profitability.
Want to learn more about how Verisk can help you capitalize on the growing small commercial market?
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