Verisk LightSpeed® Small Commercial Accelerator Added to Guidewire Marketplace
November 29 2023 - 8:04AM
Verisk, (Nasdaq: VRSK), a leading global data analytics and
technology provider, has announced the integration of its
LightSpeed
® Small Commercial solution onto Guidewire
Marketplace. This integration can help small business insurers
automate underwriting workflows and bind new business in
seconds.
LightSpeed Small Commercial quickly provides insurers with
reliable exposure data including the minimum core attributes needed
in an automated process (NAICS, SIC, #Employees, payroll and
revenue) as well as insights for more informed decision-making with
only the input of basic information. The automation is driven by
deep underwriting data and analytics that allow insurers to
efficiently classify, quantify, and qualify risks for more targeted
risk selection and increased straight-through processing.
“Insurers face the challenge of delivering quotes at a rapid
pace while meeting business growth and profitability targets,” said
Elizabeth Casas, vice president of commercial lines underwriting at
Verisk. “When it comes to small business insurance coverage, it’s
all about the details. Our LightSpeed Commercial accelerator
accurately optimizes in seconds, and now it will enable Guidewire
customers to enhance operational efficiency, better serve
customers, and drive profitable growth.”
Frankenmuth Insurance, a super-regional insurance carrier based
in Frankenmuth, Michigan, is a new client of Verisk, and will be
deploying the technology in 2024. “Leveraging the LightSpeed Small
Commercial accelerator will allow us to quote new business faster,
resulting in a quicker, easier buying experience for our
customers,” said Tim LeClair, vice president of commercial lines at
Frankenmuth Insurance. “Verisk has provided a clear path to grow
our portfolio and strengthen customer relationships.”
More than 30 Verisk solutions have been integrated onto
Guidewire Marketplace, including 360Value®, which helps insurers
from underwriting to renewal with reliable, claims-driven,
component-based estimates that account for virtually all material
and labor required to rebuild structures.
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About Verisk Verisk (Nasdaq: VRSK) is a leading
strategic data analytics and technology partner to the global
insurance industry. It empowers clients to strengthen operating
efficiency, improve underwriting and claims outcomes, combat fraud
and make informed decisions about global risks, including climate
change, extreme events, ESG and political issues. Through advanced
data analytics, software, scientific research and deep industry
knowledge, Verisk helps build global resilience for individuals,
communities and businesses. With teams across more than 20
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.
Mary Keller
Verisk
617-954-1754
mary.keller@verisk.com
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