New tool provides business-specific exposure details for underwriting decisions
JERSEY CITY, N.J., January 5, 2016 - Verisk Insurance Solutions, a leading source of information about property/casualty insurance risk, introduced a new report that offers insurers a comprehensive, single-source point-of-sale report for underwriting general liability policies. Verisk offers the General Liability Advantage Report as part of its Underwriter Insight suite of data and analytics. Verisk Insurance Solutions is a Verisk Analytics (Nasdaq:VRSK) business.
"Misclassifications often cause errors in selecting and pricing risks, which can negatively affect profitability," said Anil Vasagiri, senior vice president, Product Management and Strategy, Verisk Insurance Solutions. "This report solves the problem by providing a reliable, in-depth risk evaluation. Underwriters won't have to guess at a business's classification, exposure, or management efficiency because the report gives a comprehensive picture of the risk."
The General Liability Advantage Report provides actionable information aggregated in one easy-to-use interface through the ProMetrix® ordering platform. The report supplies information that may be missing from a policy application and validates existing application fields, including type of business, number of employees, estimated annual sales, OSHA and health department inspections and violations, business registration and licenses, credit history metrics, observed hazards, property details, and the risk potential of neighboring businesses.
Insurers can go to the ProMetrix platform, enter a business name and address, and receive a complete report-often in less than five seconds.
"The report addresses all the major pain points for a GL writer and does it virtually instantaneously," said Rick Stoll, director of Business Development, Verisk Insurance Solutions. "Underwriters will be able to get their quotes out faster than the competition, improving distribution channel relationships and effectiveness. Insight into specific risk factors allows them to underwrite with confidence."
Verisk's proprietary ProMetrix database of more than 3.7 million commercial properties and other Verisk and third-party resources ensure information is available on more than 26 million businesses in the United States.
About Verisk Insurance Solutions
A Verisk Analytics (Nasdaq:VRSK) business, Verisk Insurance Solutions is a leading source of information about property/casualty insurance risk. Drawing upon vast experience in data management, security, and predictive modeling to serve its clients, Verisk Insurance Solutions includes the industry-leading brands of ISO, AIR Worldwide, and Xactware. In the United States and around the world, Verisk Insurance Solutions helps customers protect people, property, and financial assets. For more information, visit www.verisk.com/insurance.
Contact:
Giuseppe Barone/Colleen Finley
MWW Group (for Verisk Insurance Solutions)
201-507-9500
gbarone@mww.com
cfinley@mww.com
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Source: Verisk Analytics Inc. via Globenewswire
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