NAICS Classification by Underwriting AI
With a 52% error rate, misclassification greatly impedes carrier performance.
We understand the criticality of gathering information that informs the insurance carrier of the true nature of operations at the businesses they want to insure. We also report on businesses doing multiple operations that traverse coverage boundaries allowing for the underwriters to address premium leakage.
We let you focus on the core: providing coverage for identified operations, and we do the chore: gather insight on specific operations that the businesses are involved in so that the coverage and premiums are aligned.
“*5-year study by Verisk”
Underwriting AI leads to the insurers’ book reflecting the actual risk.
Average appetite of most carriers with 1057 NAICS codes
The number of classes an experienced underwriter can be deeply knowledgeable on
Estimated premium leakage in the first year for BOP policies
All available data is sourced, blended and verified to provide confident insights.
- Dynamic sourcing
- Proprietary blending
- Automated insight matching
Risk classification can and should be clear cut. Code each risk with confidence.
Data is gathered from limitless sources, expertly blending and extracting crucial factors into actionable insights.
Going beyond data aggregation, key information is derived from structured and unstructured content to enable better and enriched decision making for evolving risks.
Data is mined to produce actionable, accurate context that previously went unnoticed.
Unstructured text found on the web and social media is analyzed, alerting you to conditions that could affect your decisions.
Risk classifications are inferred with speed and accuracy by our proprietary risk engine by leveraging multiple, continually trained models.
Dynamic risk insights are delivered in real time, providing a joyful experience for your customers, agents, brokers, and underwriters.
“These solutions will set us apart in our marketspace”
“Risk Insights will provide us competitive edge”
“We think Underwriting AI is a game changer for our business”
“The fact that Underwriting AI is built by people who understand insurance, and the underwriters’ intent is a great advantage over the competition that tries to fit one solution for all by focusing on data mapping. Their collaborative mode of working with us is what sets them apart.”