It’s an unfortunate fact: small commercial underwriters spend too much time validating submission information and researching risk data, considering the low premium volume. They may have little chance to step back and focus on the larger priorities that help scale a robust business. Sluggish workflows can be especially problematic in today’s booming, fast-paced small commercial market.

However, that sluggishness, combined with the transactional nature of small commercial insurance, creates an excellent opportunity for reaping the benefits of automation. Prefill application details, when amplified with analytics, can fuel small commercial underwriting automation by tapping unstructured data sources to identify exposures and help guide data-driven underwriting decisions.

Spend less time, get more profit

Verisk’s LightSpeed^® Small Commercial delivers accurate, robust, accessible underwriting data for all businesses using only a business name and address. This speed and accuracy can accelerate quote times by an average of 65 percent, leading to increased premium generation.

Of course, the pursuit of growth shouldn’t require the sacrifice of prudent risk selection. LightSpeed Small Commercial provides a holistic view of organizational risk, from property and operational exposures to critical firmographic details and actionable insurance insights.

Verisk customers realize multiple paths to increased profitability after integrating the LightSpeed Small Commercial API into their underwriting workflows, liberating many underwriters to focus on adding greater value to their organizations and serving their small commercial customers more effectively.

Strengthen loss control

Your underwriting team can achieve smart growth by allocating their gained time toward enforcing sound underwriting discipline:

• Focusing on coverage selections
• Diving deeper into complex applications
• Directing underwriting attention to higher-value risks
• Identifying applicants outside of appetite rapidly

Reinvest in top-line growth

With more time at their disposal, underwriters can focus on growing revenue by:

• Processing more submissions
• Increasing quote volume
• Expanding distribution channels
• Improving quote-to-bind ratios to increase premiums

Does your business need more top-line growth, better loss ratios, or both? Learn more about how LightSpeed Small Commercial can help save an average of 65 percent of underwriting time, propel profitability, and free underwriters to focus on higher-value activities.

By Eric Schmidt

Eric Schmidt is a product manager at Verisk. You can contact him at eric.schmidt@verisk.com.