(Image source: NeuralMetrics homepage.)
Ivans (Milwaukee, Wisc.) has announced a partnership with NeuralMetrics (Denver) aiming empowering carriers to support more accurate underwriting/quoting and efficient distribution. NeuralMetrics enables actionable and transparent risk-assessment intelligence for P&C carriers, brokers, and agents, according to a joint statement from the companies.
Prakash Vasant, CEO, NeuralMetrics.
As the next partnership to come out of the Ivans Innovation Lab, the NeuralMetrics collaboration will help carriers to grow the number of in-appetite submissions, while at the same time, making it easier for agencies to get precise answers to risk evaluation questions and produce accurate quotes by providing just a company name or business email address, the statement says
“Our partnership with Ivans is an important step in advancing the commercial insurance underwriting and quoting process for both carriers and agents, as well as the buying experience for policyholders,” comments Prakash Vasant, CEO, NeuralMetrics. “We’re very excited to bring the power of artificial intelligence and natural language processing for risk evaluation to Ivans. In the past, carriers have often had to make coverage decisions about small businesses with very little verifiable information. NeuralMetrics focuses on giving carriers and their agency partners more accurate and specific underwriting information quickly and transparently, so they can make better decisions about the risks they are writing.”
NeuralMetrics describes its offering as accurately classifying businesses in a fully compliant manner. The solution identifies potential exposures and their documented sources of information—such as a dance floor in a dining area, delivery services, or a deep fryer in a restaurant—creating greater quote accuracy, the company says.
Michael Albert, Co-founder, Ask Kodiak.
Second InsurTech Partner
The Ivans Innovation Lab, an internal incubator for innovation, has chosen NeuralMetrics as its second InsurTech partner. As part of Ivans’ acquisition of Ask Kodiak, the Innovation Lab is a core focus of the Ask Kodiak team to drive technology advancement and connectivity into the insurance ecosystem.
“A significant pain point in the insurance industry is a lack of risk information that leads to inaccurate quotes and lost opportunities for both carriers and agents, which is why we wanted to work with NeuralMetrics in our Innovation Lab,” comments Mike Albert, Co-Head of Ivans Innovation Lab, Ivans. “We are happy to welcome NeuralMetrics to Ivans and excited to explore the opportunities for carriers and agents to benefit from bringing more data into the distribution process to create easier and more profitable interactions.”
Nationwide Selects NeuralMetrics to Speed Small Commercial Quoting for Agents