Verisk AI Leverages Yelp Data to Help Insurers Underwrite Small Commercial Risk
Verisk’s artificial intelligence analyzes unstructured data and ratings in Yelp reviews to provide insurers with a more holistic assessment of businesses
JERSEY CITY, N.J., OCTOBER 4, 2021—The COVID-19 pandemic has led many small businesses to pivot or expand. As a result, new insurance coverage needs have emerged. To help insurers serve the changing marketplace, Verisk (Nasdaq:VRSK), a leading global data analytics provider, is leveraging artificial intelligence (AI) and image analytics to generate insights from more than 200 million reviews on Yelp, the company that connects people with great local businesses.
Verisk is using AI to analyze unstructured data in Yelp reviews, including images that might indicate how a business has evolved. Insurers can use these insights to inform discussions about coverage with potential customers, see how employees are mitigating risks and make underwriting decisions with greater speed and precision.
“Finding current and robust information online to underwrite small commercial insurance can take significant time and effort,” said Tracey Waller, director of small commercial underwriting at Verisk. “By working directly with Yelp, Verisk is augmenting its high-quality and consistent analytics on millions of small businesses with information that is up-to-date, organized and easy to digest.”
Through Yelp, Verisk can seamlessly integrate millions of data points, including Yelp’s trusted reviews and images in real-time, which supports Verisk’s ongoing effort to help insurers accelerate their digital transformations and win the race to zero questions on insurance applications. Yelp’s platform, which enables consumers to discover, connect, and transact with millions of local businesses of all sizes, provides a powerful source of data for insurers that’s constantly being updated.
“At Yelp, we’re committed to helping businesses grow and thrive,” said David McKie, Yelp’s vice president, business development and data licensing. “Using Yelp's trusted data on local business, Verisk's AI technology can now help businesses more quickly and easily obtain the insurance coverage they need."
The Yelp data will be integrated into LightSpeed® Small Commercial, a Verisk solution that leverages robust data and analytics to automate underwriting, improve customer and agent experiences, and ultimately reach the finish line in the “race to zero” questions on small commercial insurance applications.
Verisk creates innovative solutions by applying scientific methods to massive volumes of data—from information about properties and communities to fraud, catastrophe, weather, consumer behavior as well as societal and environmental risks. Complemented with Verisk’s deep domain expertise, the company is able to combine data, analytics and decision-support platforms into comprehensive, industry-leading solutions.
Verisk (Nasdaq:VRSK) provides predictive analytics and decision-support solutions to customers in the insurance, energy and specialized markets, and financial services industries. More than 70 percent of the FORTUNE 100 relies on the company’s advanced technologies to manage risks, make better decisions and improve operating efficiency. The company’s analytic solutions address insurance underwriting and claims, fraud, regulatory compliance, natural resources, catastrophes, economic forecasting, geopolitical risks, as well as environmental, social, and governance (ESG) matters. Celebrating its 50th anniversary, the company continues to make the world better, safer and stronger, and fosters an inclusive and diverse culture where all team members feel they belong. With more than 100 offices in nearly 35 countries, Verisk consistently earns certification by Great Place to Work. For more: Verisk.com, LinkedIn, Twitter, Facebook, and YouTube.
Ali Krueger Herbert