Utica National Accelerates Digital Transformation with Small Commercial Data and Analytics from Verisk
Utica National Insurance Group is enhancing its underwriting process through a partnership with Verisk (Nasdaq: VRSK). Utilizing Verisk's LightSpeed® Small Commercial solutions, Utica aims to automate underwriting and improve customer experiences by minimizing the number of questions required on applications. The collaboration focuses on overcoming challenges linked to data accuracy and risk classification. Verisk's advanced analytics and data services are expected to refine Utica's underwriting results, enabling faster decisions and better risk assessments in the small commercial insurance sector.
- Utica National is automating its underwriting process using Verisk's LightSpeed Small Commercial solutions, enhancing efficiency.
- The partnership allows Utica to improve data accuracy and risk classification, leading to superior underwriting results.
- Verisk's predictive analytics support faster underwriting decisions, meeting rising customer expectations.
- None.
JERSEY CITY, N.J., June 14, 2021 (GLOBE NEWSWIRE) -- 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.
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.”
About the Utica National Insurance Group
Utica National Insurance Group is a nationally recognized group of insurers, providing personal and commercial insurance products and services, with the second-largest errors and omissions business in the United States. The member companies of Utica National sell their products through more than 2,500 independent insurance agents and employ over 1,200 people countrywide. The lead insurance company of the group, Utica Mutual Insurance Company, was founded in 1914 and is headquartered in New Hartford, New York, with eleven offices. For more information, please visit www.uticanational.com.
About Verisk
Verisk (Nasdaq:VRSK) provides predictive analytics and decision-support solutions to customers in the insurance, energy and specialized markets, and financial services industries. More than 70 percent of the FORTUNE 100 relies on the company’s advanced technologies to manage risks, make better decisions and improve operating efficiency. The company’s analytic solutions address insurance underwriting and claims, fraud, regulatory compliance, natural resources, catastrophes, economic forecasting, geopolitical risks, as well as environmental, social, and governance (ESG) matters. Celebrating its 50th anniversary, the company continues to make the world better, safer and stronger, and fosters an inclusive and diverse culture where all team members feel they belong. With more than 100 offices in nearly 35 countries, Verisk consistently earns certification by Great Place to Work. For more: Verisk.com, LinkedIn, Twitter, Facebook, and YouTube.
Contact:
Sarah Hinman (for Utica National)
315-734-2438
VP, Director of Marketing, Communications & Customer Engagement
sarah.hinman@uticanational.com
Ali Krueger Herbert (for Verisk)
551-204-6592
ali.krueger@verisk.com
FAQ
What is the partnership between Verisk and Utica National about?
How does LightSpeed Small Commercial benefit Utica National?
What is Verisk's role in the insurance industry?
What challenges does Utica National face in underwriting?
What are the expected results of Utica's use of Verisk's LightSpeed technology?
