The journey to starting a businessowners insurance policy program begins with understanding the opportunity and continues with gathering the components. But there are hard ways and easy ways to put it all together, and it may come easier when the pieces belong to a single ecosystem.
How does that look in practice? In Verisk’s new white paper, Where Going Small Can Be a Big Deal, two Verisk clients help illustrate the value of BOP components that are designed to work together at the leading edge of change for today’s entrepreneurs.
Aurenity: Measuring and pricing E&S risk
Aurenity, a new MGA in excess and surplus (E&S) insurance, is enabling its underwriters with Verisk technology to create differentiated risk insight and pricing as part of its “Augment” models. Aurenity leverages the models underlying Verisk’s Risk Analyzer product to help with geographic segmentation for premises and lessors liability risks, while underwriters also gain greater insight through the Light Speed Small Commercial prefill product. And actuarial experts in Verisk’s Insurance Consulting unit have helped Aurenity develop customized rating plans.
Blitz: Bringing Verisk solutions to cannabis Insurance
Blitz, an InsurTech startup, leverages underwriting insights, automated rating updates, and enhanced policy language from Verisk to help ease insurance buying for cannabis and other specialty businesses. The insurer implemented a variety of Verisk solutions to help boost efficiency and support profitable growth, including LightSpeed Small Commercial, Electronic Rating Content, and ISO Insurance Programs, in particular for Commercial Property and General Liability.
These stories show an integrated ecosystem can combine intelligent underwriting, refined pricing, and optimum efficiency to help create or reimagine a successful BOP program.