West Bend Mutual Insurance Company Accelerates its Underwriting with Verisk Solution
June 08 2022 - 9:00AM
West Bend Mutual Insurance Company is transforming its underwriting
and customer experience by tapping the high-quality data and
analytics of LightSpeed® Small Commercial from Verisk (Nasdaq:
VRSK), a leading global data analytics provider.
LightSpeed Small Commercial delivers a powerful mix of data and
analytics on risk exposures through a single application
programming interface (API). It enables insurers to automate
underwriting and increase straight-through processing of insurance
applications and renewals to help shrink underwriting times from
days to seconds.
“We chose to partner with Verisk because of the accuracy of
their data,” said Adam Vander Weerdt, Manager, Commercial Lines
Product Management at West Bend. “Their validation process stands
out in a crowded marketplace, and it gives us the confidence to
make data-driven decisions.”
Verisk’s innovative artificial intelligence (AI) and machine
learning (ML) algorithms have unlocked new underwriting insights
from unstructured data sources, such as social media, to help
identify exposures that may otherwise be missed. The solution
combines robust data models, built by insurance experts, with
Verisk’s proprietary business firmographics, site-verified and
modeled property data and management activity insights. Designed to
simplify the underwriting process, LightSpeed Small Commercial
enables insurers to access deep underwriting intelligence using
just a business name and address.
“High-quality data is the lynchpin of successful underwriting,
but it requires deep domain expertise to deliver actionable
insights that help drive insurer results,” said Tracey Waller,
director of small commercial underwriting at Verisk. “By leveraging
a unique combination of AI/ML technologies and our renowned data
assets and expertise, LightSpeed Small Commercial can create
transformative workflows that enable insurers to quote and bind
business nearly instantly.”
About Verisk Verisk
(Nasdaq: VRSK) provides data-driven analytic insights and solutions
for the insurance and energy industries. Through advanced data
analytics, software, scientific research and deep industry
knowledge, Verisk empowers customers to strengthen operating
efficiency, improve underwriting and claims outcomes, combat fraud,
and make informed decisions about global issues including climate
change and extreme events as well as political and ESG topics. With
offices in more than 30 countries, Verisk consistently earns
certification by Great Place to Work and fosters an inclusive
culture where all team members feel they belong. For more, visit
Verisk.com and the Verisk Newsroom.
About West Bend West Bend Mutual Insurance
Company has been insuring homes, autos, and businesses for more
than 125 years. Headquartered in West Bend, Wisconsin, the company
employs more than 1,400 associates and partners with 1,500
independent insurance agencies in 15 states to bring these products
and services to their valued customers. Learn more
at West Bend Mutual Insurance.
Michelle Pantina
Verisk
551-500-7327
michelle.pantina@verisk.com
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