With just a name and address, LightSpeed Small Commercial can help you find the risk information you need, enabling you to automate underwriting, boost profitability, elevate the customer experience, and win more business.
Verified and firmographic data—combined with meaningful insurance insights on risk exposures—can empower insurers to move to an automated model that accelerates their digital transformation and boosts operational efficiency. In a real-world example, LightSpeed Small Commercial customers issued 35 percent more quotes with 20 percent more policies bound and 65 percent of risks straight-through processed. The time to quote went from an average of two days to 1.5 seconds.
Verisk is tapping new data sources, such as social media, and harnessing innovative technologies, such as machine learning (ML) and artificial intelligence (AI), to help underwriters get a deeper view into risk at time of quote. Text and images from social media, for example, can be a rich source of information about a business. Advanced machine-learning models can be trained to “see” images with an underwriter’s eye to identify potential exposures and business operations that other data sources are less likely to reveal.
With data analytics powered by machine learning, AI, and cutting-edge computer vision, LightSpeed Small Commercial gives insurers tools to help transform their risk rating and underwriting.
Streamlining the underwriting process requires confidence in the quality of the data you rely on to make decisions. Using a data provider with broad insurance industry expertise can translate into a nuanced understanding of the insights generated by image analytics. Verisk data scientists continually test and develop models to ensure the level of reliability needed to provide actionable underwriting insights that can help you sustainably grow your portfolio and boost profitability.
Integrated directly into LightSpeed® Small Commercial, image analytics paired with other robust data sources can provide insurers with a holistic underwriting solution that helps refine risk assessment and improve customer and agent experiences.