(Image source: Relativity6 homepage.)
Coterie (Cincinnati), a digital distributor of small business insurance, has chosen Relativity6, Inc. (Cambridge, Mass.), an industry classification platform with what it characterizes as accurate 6-digit NAICS predictions based on a real-time web search, for its API to provide predictions related to industry classifications.
Paul Bessire, VP, Data, Coterie.
“We implemented Relativity6 in early 2022 and we’ve seen a significant reduction in misclassification, we’ve been able to expand our appetite, reduce post-bind audits, and identify fraud way more easily,” comments Paul Bessire, VP of Data, Coterie. “If we see an agent enter a piece of information on their own and it conflicts with Relativity6, it’s easy to flag and identify when that’s truly fraudulent.”
“I’m continually blown away with Coterie’s ability to bind quotes so quickly and accurately, says Alan Ringvald, President and CEO, Relativity6. “They are truly setting the standard for small business insurance. I’m thrilled that Coterie is leveraging Relativity6 to be able to accurately and quickly predict one of the most crucial data points in commercial lines underwriting, industry classification.”
Alan Ringvald, President and CEO, Relativity6.
Accurate Industry Classification Information
As one of Coterie’s select data providers, Relativity 6 provides accurate industry classification information to help fuel the InsurTech’s automated underwriting engine, according to a statement from the vendor. “This partnership enables best-in-class, highly accurate predictions based on Relativity6’s real-time web search platform, helping Coterie analyze critical business data to produce bindable quotes within seconds,” the vendor statement says.
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