In one year, insurers lose$6.5 billion in premium leakage on businessowners policies alone. One reason? They’re using low-quality underwriting data.
Whether it’s used at the start of an application or during renewal, low-quality underwriting can lead to misclassification, premium leakage, adverse selection, and surprise claims.
You can work smarter. LightSpeed ® Small Commercial provides robust data and analytics, developed by insurance experts, to help improve risk selection, pricing, and retention.
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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.