Accelerating small commercial quoting for agents
Nationwide, NeuralMetrics partnership aims to enable a fast quoting experience
As commercial-focused insurance agents know well, every business carries its own unique risks – and it often takes significant time and research to accurately price the insurance policies to account for them. However, today’s small businesses expect quick service.
Nationwide and NeuralMetrics have teamed up to help agents serving small commercial customers save valuable time in the quoting process, improving agents’ profitability as they focus on growing their businesses. Utilizing NeuralMetrics technology, Nationwide has boosted its small commercial quoting tools to enable agents to enter client information just once and leverage pre-fill data to evaluate underwriting exposures and quickly generate a precise quote.
“Small commercial accounts are an important growth segment for many independent agents, but historically many have shied away due to high time commitments and other factors,” said Dawn Thompson, associate vice president of expedited underwriting for commercial lines at Nationwide. “With the NeuralMetrics tool, we’re able to streamline the quoting experience for agents serving small commercial clients, creating more lucrative opportunities to grow their books of business in the small business sector.”
According to Thompson, the key to the technology’s success is ensuring accurate inputs on the front-end. “When the initial information, like business name and location, is entered accurately and the business is visible online, we’re able to achieve a 70% success rate or higher with bypassing the data entry and classification processes to provide a fast and accurate experience for agents and their customers,” said Thompson.
NeuralMetrics’ Smart Ratio platform uses machine learning to extract actionable information from hard-to-access, unstructured public data.
“Through our partnership, NeuralMetrics had the opportunity to work closely with the Nationwide team and imagine a customer centric experience in small commercial,” said Prakash Vasant, CEO of NeuralMetrics. “Together we were able to build a way for underwriters to automate much of the classification work and improve the transparency to the underlying data source that validates underwriting decisions.”
To learn more about Nationwide’s small commercial insurance solutions, visit Nationwide.com/business.