Utica National Accelerates Digital Transformation With Small Commercial Data And Analytics From Verisk
The member companies of the Utica National Insurance Group are accelerating the digital transformation of its underwriting process with an ecosystem of robust data solutions from Verisk (Nasdaq: VRSK), a leading global data analytics provider. Utica National is using LightSpeed® Small Commercial from Verisk to help automate underwriting, improve customer and agent experiences, and ultimately reach the finish line in the “race to zero” questions needed on small commercial insurance applications.
Utica National and other insurers who write small commercial accounts often face inefficient quote-to-bind processes, frustrating and cumbersome application processes for business owners, and underwriting data that are often inaccurate or incomplete. The market faces challenges when data isn’t granular enough to classify risks accurately and uncover insights into a business’s operations.
Marketing Technology News: Global Fuze Study Reveals Gaps in Trust & Shifting Attitudes Toward Flexible Work
When Utica National decided to expand its relationship with Verisk earlier this year, the insurer took much more than robust data analysis into account.
“Verisk was able to offer us comprehensive data to help us improve not only our ease of doing business but also our underwriting results,” said John Eckmair, Utica National Vice President and Chief Underwriting Officer. “Not only was this data comprehensive, the accuracy and match results consistently outperformed the market. When you add the value and customer service that their team brings, renewing with Verisk was an easy decision for us.”
With LightSpeed Small Commercial, Utica National can leverage robust business data and advanced property analytics to help improve classification, uncover exposures, and evaluate risks associated with the health of a business. Utica National may also use LightSpeed Small Commercial to accelerate effective underwriting decisions and, as a result, respond to rising customer expectations.
“Utica National is a tech-forward company. They’ve continually invested in data and evolved as technology has changed,” said Tracey Waller, Verisk Director of Small Commercial Underwriting. “We’ve enjoyed a strong relationship with Utica National since they partnered with us several years ago, and we’re pleased that our predictive analytics and data-focused strategy are helping them advance and automate their underwriting.”
Marketing Technology News: Modulex Group Creates New Program Targeted To Aspiring Entrepreneurs