Micro Business Commercial
At a recent conference, the following near-term goals were shared by a major carrier leading the charge to transform small business insurance at the point of quote.
- Generate renewals automatically with 3rd party data validation
- 85% of BOP submissions will not require human intervention
- Deliver digital quotes in 5 minutes
This sets the bar at a new high for everyone in the insurance industry to leverage emerging data and scores to eliminate friction from the underwriting process. The value provided by an underwriter, armed with the best, most complete information to make an assessment, cannot be overstated, and should be applied to the more complex submissions. Human judgment can be vastly superior to even our most advanced algorithms and pattern recognition logic determining workflow.
More leaders are stepping up to drive massive improvement. A few weeks ago, I met with a Chief Underwriting Officer at a large, publicly traded surplus lines carrier. He had a very forward thinking approach defined by the law of thirds. One-third of all submissions could be straight through processing. One-third could be fast-tracked with supporting third party validated information in real time, and one-third could be complex and require substantial review time of their most qualified underwriters. Of course, I was delighted to hear that as a guiding principle, and even more delighted when the CEO, also present, agreed, and the technology team took notice.
This type of vision and drive is so encouraging to hear from our clients, as they beat the drum to lead innovation and transformation on a massive scale. To support our clients, Fenris has augmented abilities and now has 240+ million individual records (nearly every adult in the US) and 28 million small business records to which we purposefully append the necessary fields for an application. With just a name and address, we make form-filling lightning fast, and therefore easier to complete, with multiple quality sources queried for unrivaled accuracy, and our scores are leading the way in defining how to personalize and handle applicants to optimize results.
Our tech stack is architected to match, score, pre-populate, triage submissions, and bring greater insights to the point of quote in seconds. Insights supplied earlier than ever before make for more efficient use of resources, focus in on results, and drive up the quality of the book.
Please reach out to [email protected] to find out how Fenris can put its advanced technologies, scores, and quality external data to use for your business. Our scores “50 to 5” platform approach was built to enable our clients to leverage advanced tech, scores, and data to drive faster, better and more personalized quoting and underwriting in commercial and personal lines.
- Jennifer Linton is CEO of Fenris, Inc and has been an expert and innovator in InsurTech. She has been instrumental in the launch from scratch of several large initiatives as well as the launch of several companies in the insurance industry including Elephant Insurance and DriveFactor (now a division of CCC Information Services called CCC Drive). Jennifer is a graduate of the Darden School of Business.
