Fenris Enhances Small Business and Auto Prefill Products
NAICS codes are very important to our insurance customers. It’s a critical field in applications for small business commercial insurance — but many applicants don’t know offhand which code applies to their own businesses.
That’s why our customers look to our Small Business Commercial Data Prefill product to fill that gap. We are pleased to announce that we have augmented our proprietary small business database with a new data source that includes 11 million NAICS codes that we can match against our records. In addition, we’ve begun to utilize natural language processing, a form of artificial intelligence, to infer NAICS codes from the business name.
For example, our algorithms could deduce that the NAICS code for “plumber” would apply to a company named “ABC Plumbing.” But what if “ABC Plumbing” is actually a plumbing contractor, with a different NAICS code? We augment our deductions by using Elasticsearch, an open-source search and analytics engine for all types of data, to parse the company’s website and confirm type of business and which NAICS code should apply.
We have also added five new data sources that give us access to newly formed small businesses, allowing us to add these high-value prospects to our database. Moreover, early adopters are giving feedback to Fenris on their use of the product, including providing us with data they acquired from applicants so we can complete more fields in our database.
Fenris Enhances Auto Prefill Product With VIN Decoder API
The more data an auto insurance company has about a vehicle and a driver, the more accurate it can be in quoting and in automating with “hands off” qualification based on the data in the application. It’s a fine line – quote too high and you may lose the opportunity. Quote too low, and your exposure can exceed the policy value.
That’s why we are pleased to announce that we have added a VIN Decoder API to our auto prefill services, so our customers can get more complete application information from a single data provider – Fenris. Give us a 17-digit VIN, and this API will give you back, in real time, the vehicle’s make, model, body type, trim, and base MRP. We can also get some of this information back from just a six- or eight-digit VIN stub.
Watch this space for more enhancement news!