Creating a businessowners policy program takes many steps, starting with a strategic blueprint drawn from reliable market intelligence. But where do insurers find the building blocks and tools to execute on a plan? A new Verisk white paper, Where Going Small Can Be a Big Deal, explores the elements of a successful BOP program across every aspect of the business.

An integrated solution

Success for insurers and customers may come easier with comprehensive programs that integrate forms, rules, loss costs, classifications, and emerging issues research. Incorporating all of these features, Verisk’s ISO BOP program can help insurers move quickly and confidently while staying flexible to respond to changes and opportunities. And with options that span traditional and micro-BOP, there are more ways to help customers along their business journey. Multiple enhancements are in place or on the way for 2023, with expanded and refined classifications, coverage options, and endorsements.

Simplified rating

Reliable, cost-efficient enablement for real-time rating workflows can set a BOP program apart in the marketplace—but may be difficult to achieve. Simplification is in reach with a cloud-based rating engine that supports a BOP program as provided in the ISO Commercial Lines Manual. Verisk’s ISO Electronic Rating Content^TM (ERC^TM) offers Rating-as-a-Service (RaaS), Verisk’s cloud-based, self-updating rating solution, via an API to help launch a BOP program without investing heavily in new information technology. In fact, Verisk RaaS can save insurers 35% over in-house or some third-party alternatives.

Sophisticated strategy

These rating plans can reflect a strategy driven by practical, accessible predictive modeling that breaks down risk by granular peril categories, detailed characteristics, and precise, geography-based environmental factors. Verisk’s ISO Risk Analyzer® Businessowners delivers such expertise through by-peril and environmental modules that can support profitable and sustainable growth—with updates to the underlying predictive analytics already implemented or coming in 2023.

Effective organization

Policy forms embody critical details of a program, and they’re constantly changing with shifts in strategy, risk appetite, and laws and regulations. It can be a heavy lift to keep forms and their many versions organized, updated, and ready to be analyzed or filed as necessary. Verisk’s Mozart® can help simplify this function and keep it efficient, compliant, secure, and consistent from creation to filing of forms.

Faster, better quoting

Today’s BOP customers often bring expectations shaped by purchasing personal lines products from insurers that use digital strategies to accelerate, simplify, and personalize the buying experience. These modernized workflows call for timely dependable, insurance-ready data at high volume. And BOP business can be especially prone to risk misclassification, which can lead to mispricing or premium leakage. Verisk’s LightSpeed Small Commercial uses just a business name and address to deliver unmatched breadth and depth of reliable data in seconds for more straight-through processing on an expanding range of risks.

More help when it’s needed

The ISO BOP program is ready out of the box to meet many requirements, but when the need is even greater, Verisk Insurance Consulting can augment an insurer’s in-house resources to help meet growing strategic and operational challenges. Actuarial support is available for customization, addressing regulatory issues, and identifying target business.

Learn more about solutions to ease entry into the BOP market—and sustain that business across the value chain—when you download the white paper, Where Going Small Can Be a Big Deal.

By Hila Sarig-Shavit, AVP Core Lines Strategy, Consulting