COLUMBUS, Ohio and JERSEY CITY, N.J., January 25, 2023 – Branch is delivering fast, simple transactions for consumers that improve the customer experience and lift conversion rates by integrating granular reliable data on household risk from Verisk (Nasdaq: VRSK), a leading global data analytics provider.
Branch, a personal lines insurer now operating coast to coast with an expanding footprint of 36 states, has brought data forward in the quote workflow. With Verisk’s LightSpeed® for Personal Lines platform as part of its tech-stack, Branch delivers reliable, bundled auto and homeowners quotes in seconds, requiring only a name and address. Branch’s strategy embraces a new economic model, supporting profitable growth and optimized workflows.
“Verisk is ahead of the curve in offering data to its insurer customers in novel ways that allow us to generate new value for the insurance consumer. By embedding high-quality risk data deeply within our underwriting, we can deliver on the vision of a better experience for the modern insurance buyer,” said Steve Lekas, Branch’s co-founder and chief executive officer. “A proof of that concept has been what Branch has been able to deliver to home mortgage providers. With the help of Verisk’s InsurTech platform, we can embed a bindable, bundled home and auto insurance quote within the mortgage funnel, enabling added revenue for the mortgage provider, a dramatically better customer experience, and sustainable growth for Branch.”
Branch licenses an array of current and historical risk and loss data available through Verisk’s LightSpeed platform for real-time, once-and-done quoting. By gathering such data and not asking for it from their consumers, Branch accelerates insurance purchases and keeps consumer costs down.
“The Verisk digital ecosystem supports businesses that strive for better customer experiences and profitable growth through speed, simplicity, accuracy and improved conversion rates,” said Doug Caccese, president, risk assessment, underwriting solutions, at Verisk. “We’ve collaborated around a growth-based model built on a simple guiding principle for our customer relationships: To help insurers provide the best possible service to consumers.”
To learn more about how Verisk’s highly scalable solutions can help drive digital transformation in personal lines insurance, explore LightSpeed for Personal Lines.
Verisk (Nasdaq: VRSK) provides data-driven analytic insights and solutions for the insurance and energy industries. Through advanced data analytics, software, scientific research and deep industry knowledge, Verisk empowers customers to strengthen operating efficiency, improve underwriting and claims outcomes, combat fraud, and make informed decisions about global issues including climate change and extreme events as well as political and ESG topics. With offices in more than 30 countries, Verisk consistently earns certification by Great Place to Work and fosters an inclusive culture where all team members feel they belong. For more, visit Verisk.com and the Verisk Newsroom.
Branch is home and auto insurance that’s simple to buy and built for savings. Through its revolutionary instant-bind capability, Branch removes all of the friction associated with getting covered, helping consumers bundle their home and auto insurance with ease. Built as a reciprocal exchange, the Branch Insurance Exchange taps into the power of community to make insurance more accessible and affordable for everyone. Branch is a Public Benefit Corporation and Certified B Corporation committed to meeting high standards of social and environmental performance, and accountability.
Branch was launched in 2019 by insurance veteran Steve Lekas and tech entrepreneur Joe Emison, and is headquartered in Columbus, Ohio. Branch is underwritten by the Branch Insurance Exchange, Everspan Insurance Company, and General Security National Insurance Company (GSNIC). To learn more, visit Branch.com