Casualty Underwriting Advantage Report
Eliminating inefficiencies: Saving time and improving risk selection
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.
Why is proper classification so important?
53%
Of businessowners policy risks are generally misclassified2
$6.5 billion
Worth of businessowners policy premium leakage results from misclassification in a single year3
96%
Of insurers cite improving risk and pricing outcomes as important or very important factors driving investment4
You can use the Casualty Underwriting Advantage Report to help:
![Vkus22023 Casualty Uw Report Page Icon 1 1]()
Verify data on applications
![Naics Code]()
Assign the correct NAICS code(s) and avoid misclassifying risks
![Business Codes]()
Identify claims and premium-bearing details such as payroll, square footage of properties, and business operations.
![Commercial Property]()
View critical commercial property characteristics
![Automated Workflow]()
Supplement an accelerated or automated workflow for instances where a manual review is required
![Operational Hazards]()
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.
The report is available through our ProMetrix® ordering platform and includes:
- type of business
- business registration and licenses
- number of employees
- estimated annual sales
- credit history metrics
- relative credit grading
- OSHA
- observed hazards
- property details
- risk potential of neighboring businesses
- business firmographics
- parent company data
- recent news about the business you’re researching
- proprietary 8-digit NAICS codes for improved classification
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.
Fast, accurate underwriting decisions
Fast, accurate underwriting decisions
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?
Additional insights
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Preparing BOP programs for the coverage needs of a changing world
Shifting behavorial trends are changing the way insurers provide coverage for Businessowners (BOP).
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- 2021 P&C Underwriting Survey, Accenture and The Institutes, October 2021
- Based on MarketStance data
- Ibid
- 2021 P&C Underwriting Survey, Accenture and The Institutes, October 2021