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
Verify data on applications
Assign the correct NAICS code(s) and avoid misclassifying risks
Identify claims and premium-bearing details such as payroll, square footage of properties, and business operations.
View critical commercial property characteristics
Supplement an accelerated or automated workflow for instances where a manual review is required
Gain deeper insights into operational hazards and management competency including regulatory compliance, safety procedures, and financial viability.
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?
This spring, we’re welcoming Verisk’s legal team into a public conversation with our customers.Read the article
Here's what we here at Verisk accomplished in 2022.Read the article
When it comes to pricing for personal auto, there are a lot of things insurers can choose to assess. Here's how to decide what to focus on.Read the article
ProMetrix gives insurers 100% fill rates and high hit rates with a full picture for commercial properties through on-site, virtual, and modeled data.
With automated underwriting, shrink small commercial quote turnaround time from days to seconds with robust data-driven analytics and deep risk insights.
Get more reliable, component-based replacement cost estimates that account for virtually all material and labor required to rebuild with 360Value for commercial lines.
You will soon be redirected to the 3E website. If the page has not redirected, please visit the 3E site here. Please visit our newsroom to learn more about this agreement: Verisk Announces Sale of 3E Business to New Mountain Capital.