Verisk Expands Inspection Collaboration Tool, OneXperience, to Commercial Lines

The solution enables real-time identification and verification of building characteristics, helping insurers underwrite with greater speed and precision.

Anthony R. O’Donnell //

(Image source: OneExperience brochure.)

Verisk (Jersey City, N.J.), a provider of data analytics to the insurance industry, has expanded its new OneXperience solution into commercial insurance. The expansion of the solution, which was launched for home inspections in 2019, will enable agents and businesses to engage and closely collaborate with insurers by sharing video surveys of commercial properties in real time, helping insurers and their customers accelerate the underwriting process, according to a vendor statement.

Maroun Mourad, President, Global Underwriting, Verisk.

“Commercial property insurers often rely on sight-unseen or unverified data when underwriting a policy, especially since conducting in-person surveys of some properties can be time-consuming and expensive and can delay quotes,” comments Maroun Mourad, president, global underwriting, Verisk. “OneXperience provides agents and policyholders with the ability to conduct live-feed video surveys of commercial properties in collaboration with insurers. Insurers can improve digital engagement with customers and make quicker underwriting decisions with confidence.”

Verisk describes OneXperience as providing insurers with the ability to engage digitally, empowering them to conduct real-time virtual surveys of commercial buildings, obtain critical insights, and share photos, forms, and documents with all stakeholders. “OneXperience is built on proven virtual technology: Shared architecture, already used by many insurers for claim settlement through Verisk’s ClaimXperience platform, is now enabled to facilitate workflow integration throughout the policy life cycle from quote to claim,” a vendor statement says.

Eliminate Gaps

With OneXperience, insurers can direct the survey to reveal granular details on potential risks and eliminate the gaps between actual conditions at the property and the coverage being provided, the vendor reports. Insurers can also use OneXperience to request that Verisk review data submitted through the platform and provide analysis. The platform can be used by agents and insureds at multiple points of engagement from quote to renewal.

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Anthony R. O’Donnell // Anthony O'Donnell is Executive Editor of Insurance Innovation Reporter. For nearly two decades, he has been an observer and commentator on the use of information technology in the insurance industry, following industry trends and writing about the use of IT across all sectors of the insurance industry. He can be reached at AnthODonnell@IIReporter.com or (503) 936-2803.

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