Identifying Underwriting Risks

Identifying Underwriting Risks

During the Quote-To-Bind or Portfolio/Book Management Review process, it's imperative to be vigilant regarding specific hazard indicators and critical risk factors associated with a business. When intertwined with a particular insurance class, these elements influence coverage limits and an underwriter's willingness to assume risk.

For instance, picture a scenario involving a landscaping company that cuts trees, a coffee shop that features CBD-infused products, or a janitorial service specializing in post-construction cleanup.

Current Process

The conventional procedure entails soliciting businesses to disclose these risk elements voluntarily or manually conducting research. This research often entails scouring the internet and visiting a company's website to discern the presence of these business activities and associated risks.

Challenges with Current Process

However, this approach faces a significant challenge: the potential for incomplete disclosure by applicants and the tendency of manual reviews to overlook critical data points.

Automated Risk Identification using Veridion

So, envision a streamlined process that automates the identification of these risks, replicating the thorough research typically performed by human experts. Such a process would provide underwriters with comprehensive evidence to inform their decision-making.

Leveraging Veridion, insurers can input their specific underwriting risks and scan a company's website and other digital resources to pinpoint specific underwriting risks. The information can be surfaced within seconds, liberating the underwriter to allocate more of their valuable time to higher-priority tasks, such as in-depth risk assessment, client consultations, policy customization, and strategic decision-making.

Key Features

A. Carriers can use their specific underwriting risk/guidelines
B. Veridion returns results in under a second
C. Veridion coverage business coverage is global and covers SMB to Large Corporations