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Branch (Columbus, Ohio), a startup, full-stack personal lines insurer offering instantly-bundled home and auto insurance, as well as a Term Life Insurance product, underwritten by Assurity (Lincoln, Neb.), has announced its selection of Verisk’s (Jersey City, N.J.) LightSpeed for Personal Lines platform. Branch says its use of the Verisk technology will enable it to deliver fast, simple transactions for consumers that improve the customer experience and lift conversion rates by integrating granular reliable data on household risk.
Steve Lekas, Co-founder and CEO, Branch.
Branch characterizes its relationship with Verisk as helping it to bring data forward in the quote workflow. With the LightSpeed for Personal Lines platform as part of its tech-stack, Branch says delivers reliable, bundled auto and homeowners quotes in seconds, requiring only a name and address. Branch says its strategy embraces a new economic model, supporting profitable growth and optimized workflows.
“Verisk is ahead of the curve in offering data to its insurer customers in novel ways that allow us to generate new value for the insurance consumer,” comments Steve Lekas, co-founder and CEO, Branch. “By embedding high-quality risk data deeply within our underwriting, we can deliver on the vision of a better experience for the modern insurance buyer. A proof of that concept has been what Branch has been able to deliver to home mortgage providers. With the help of Verisk’s InsurTech platform, we can embed a bindable, bundled home and auto insurance quote within the mortgage funnel, enabling added revenue for the mortgage provider, a dramatically better customer experience, and sustainable growth for Branch.”
Doug Caccese, President Risk Assessment, Underwriting Solutions, Verisk.
Accelerating Purchase while Reducing Cost
Branch reports that it licenses an array of current and historical risk and loss data available through Verisk’s LightSpeed platform for real-time, once-and-done quoting. By gathering such data and not asking for it from their consumers, Branch says it accelerates insurance purchases and keeps consumer costs down.
“The Verisk digital ecosystem supports businesses that strive for better customer experiences and profitable growth through speed, simplicity, accuracy and improved conversion rates,” comments Doug Caccese, president, risk assessment, underwriting solutions, Verisk. “We’ve collaborated around a growth-based model built on a simple guiding principle for our customer relationships: To help insurers provide the best possible service to consumers.”