Commercial Insurance with Veridion Data

In the realm of commercial insurance, Veridion stands out by utilizing advanced data analytics to provide insurers with precise, accurate business data. This crucial information enables insurers to make informed, data-driven decisions, significantly enhancing their operational efficiency and strategic foresight. The use cases outlined below illustrate how Veridion's cutting-edge approach is revolutionizing the way commercial insurers assess risk, manage policies, and engage with clients.

Quoting & Pricing (Underwriting)

Application: Automates and improves underwriting outcomes. Veridion provides a complete business profile, underwriting risks, and insurance/industry classifications using just a name and address.

Customer Value:

• Increases classification accuracy and improves the underwriting triage process.
• Reduces premium leakage by accurately assigning limits and coverage.
• Automates processing by validating applicant data and pre-filling forms.

Book & Risk Management (Underwriting)

Application: Monitors changes in underwriting risks, industry/insurance classifications, and business activities of existing policies.

Customer Value:

• Identifies upsell/cross-sell opportunities.
• Determines businesses that are potentially over/underinsured.
• Validates changes in business risks during renewals.

Claimant Validation (Claims)

Application: Proactively validates self-reported information about claimant businesses, increasing automation and data accuracy.

Customer Value:

• Increases automation in claims processing.
• Identifies inaccuracies in claim applications to prevent fraudulent claims.

Pricing & Loss Ratio Modeling (Actuarial Modeling)

Application: Applies new variables such as underwriting risks, locations, business activities, industry/industry classifications, and sustainability factors to enhance pricing and loss ratio models.

Customer Value: Provides more accurate policy coverage and reduces risk exposures.

Prospecting & Lead Prioritization (Sales & Distribution)

Application: Veridion streamlines the process of identifying qualified leads based on business characteristics, segmentation and geographies.

Customer Value:

• Increases the probability of conversions by identifying qualified prospects.
• Discovers new market opportunities not identifiable with traditional methods.
• Targets similar businesses fitting their risk appetite and price.