(Image source: NeuralMetrics homepage.)
NeuralMetrics (Denver), a provider of AI-generated commercial underwriting data, announced that it has added Lessor’s Risk Only (LRO) capabilities to its risk-quality data platform. Powered by generative AI and Large Language Models (LLM), the platform offers detailed, dynamic information on tenant occupancy risks. It enables insurers to advise property owners on suitable occupancy coverage and precise policy pricing, while streamlining risk intake and curtailing premium leakage, according to a vendor statement.
Chris Schrenk, Chief Underwriting Officer, NeuralMetrics.
The new capabilities aim to address the lack of in-depth and accurate perspectives on property occupancy risks is a common challenge for insurance organizations. With just a business name and address, the NeuralMetrics LRO offering provides fresh, comprehensive information, facilitating efficient validation of tenant business operations and associated risk factors, the vendor reports. The data solution complements agent submissions and enables extensive prequalification of occupancy exposures according to the NeuralMetrics statement.
“The availability of broad LRO data gives underwriters an instant, transparent understanding of occupant risk factors, streamlining risk assessment and empowering more precise coverages and quotes,” comments Chris Schrenk, chief underwriting officer, NeuralMetrics. “With just a few clicks, underwriting teams can access a wealth of reliable tenant information that was previously challenging to obtain.”
Advanced Workflow Functionality
The solution features advanced workflow functionality, enabling dynamic and efficient occupancy risk assessment. A user-friendly interface ensures a seamless experience for underwriters, allowing easy navigation of occupant data to retrieve and clearly organize exposure details, the vendor says
“Underwriters can have complete visibility into the data used to determine risk factors, including an immediate view of each data source,” the vendor statement adds. “Real-time transparency facilitates understanding of lessor’s risk profiles, enhances regulatory compliance, and boosts durable portfolio performance.”