small business insurance - terrene labs · 2019. 7. 3. · transforming small business insurance...
TRANSCRIPT
www.terrenelabs.com | [email protected] | 513.445.3539©Terrene Labs, LLC All Rights Reserved.
KNOW YOUR RISKSMALL BUSINESS INSURANCE
Built With Deep Insurance Insight | Powered by Big Data Using AI/ML and NLPTRANSFORMING SMALL BUSINESS INSURANCE
• Win More Business• Reduce Underwriting Expenses
• Improve Loss Performance
Terrene uses only four fields to identify, verify and classify the risk to the appropriate business class and then performs a comprehensive risk profile using traditional, non-traditional and
new world attributes, in tune with today’s world of information accessibility.
NO QUESTIONS. JUST ANSWERS.
TERRENE ADVANTAGE
Carrier Specific Underwriting Guidelines
Comprehensive Risk Profile With Verified Quality
+ +=Delightful Customer
ExperienceSmarter Risk
Selection
www.terrenelabs.com | [email protected] | 513.445.3539©Terrene Labs, LLC All Rights Reserved.
• Cumbersome process with 50-150 questions
• Agents have to work with multiple carrier portals
• Incomplete/incorrect information on risks
• Entity name not found
• Licenses and professional accreditations are not in alignment with actual work
• Business coverage is not the same as what the business actually does
• Data collection and validation from multiple sources is cumbersome and time consuming
• Different data sources have conflicting data
• Different underwriting staff have different ways of searching and validating risks
• Cumbersome and high touch processes lead to high underwriting expenses
• High expense and poor risk selection lead to high loss ratio
• Low conversion rates lead to wasted efforts on risks that do not fit into appetite
• Simplified process – only 4 identifying fields
• Powerful engine analyzes risk parameters and builds a comprehensive risk profile
• Simple integration with carrier systems to enable a seamless end-to-end solution
• Verifies the existence of entity
• Establish the licenses and professional accreditations to ensure coverage is appropriate
• Recommends primary and secondary NAICS based on actual business profile
• Terrene uses a multitude of data sources – subscription, public, and third party
• Terrene performs dynamic data sourcing – reconciling conflicting information from multiple sources to increase confidence and accuracy
• Terrene algorithms incorporate artificial intelligence and machine learning to deliver continually-improving risk profiles
• Optimized risk classification and appetite management lower underwriting expenses
• Targeted risk selection using a comprehensive business profile leads to lower loss costs
• Creates a foundation for digital underwriting
PROBLEMS IN INDUSTRY TERRENE WAY
www.terrenelabs.com | [email protected] | 513.445.3539©Terrene Labs, LLC All Rights Reserved.
TERRENE APPROACH
• Only 4 elements needed• Auto-pre-fill• Real-time results• Eliminates the friction/confusion
• Verify existence of business• Licensing and accreditations• Use ML to determine risk classification (NAICS)
• Over 1200 data sources • Subscription based, public and third party data sources• Dynamic data sourcing
• Implement complex and evolving appetite rules and conditions• Incorporate appetite questions to allow underwriters to focus on risks tailored to carrier’s risk appetite
• Manage underwriting guidelines to identify unique risk conditions• Automate processes with intelligent classification and evaluation of underwriting rules
CUSTOMER EXPERIENCE
ENTITY VERIFICATION
COMPREHENSIVE RISK PROFILE
RISK SELECTION ENGINE UNDERWRITING DECISION ENGINE
www.terrenelabs.com | [email protected] | 513.445.3539©Terrene Labs, LLC All Rights Reserved.
16% had prior bankruptcies
Bar or nightclub
Property classified as residential
Also does tree cutting work
Also has coffee shop
Liquor license currently expired
Kitchen cabinet store
Also has an Asbestos and Environmental
license
0% self declared prior bankruptcy
Classified simply as restaurant
Applicant doing commercial business
Landscape contractor
Book store
Applying for restaurant insurance with liquor sales
Cabinet store, maker and installer (furniture and
related product)
Declared as home remodeler
Contractor
Restaurant
Property
Contractor
Retail
Restaurant
Manufacturing
Contractor
SMARTER RISK SELECTION
Fact Discovered by Terrene
As Reported on ApplicationType