Nationwide partners with NeuralMetrics to accelerate small business quoting
In a strategic move aimed at helping agents better serve the small business segment, Nationwide established a relationship with NeuralMetrics , an underwriting technology startup that runs an alternative data engine. Nationwide is enhancing its small commercial quoting capabilities with NeuralMetrics technology, allowing agents to enter client information only once and use pre-fill data to evaluate underwriting exposures and provide an exact quotation.
“Small commercial accounts are an important growth segment for many independent agents, but historically many have shied away due to high time commitments and other factors. With the NeuralMetrics tool, we’re able to streamline the quoting experience for agents serving small commercial clients, creating more lucrative opportunities to grow their books of business in the small business sector.” – Dawn Thompson, associate vice president of expedited underwriting for commercial lines at Nationwide.
According to Thompson, the key to the technology’s success is ensuring accurate inputs on the front-end . “When the initial information, like business name and location, is entered accurately and the business is visible online, we’re able to achieve a 70% success rate or higher with bypassing the data entry and classification processes to provide a fast and accurate experience for agents and their customers.”
“Through our partnership, NeuralMetrics had the opportunity to work closely with the Nationwide team and imagine a customer-centric experience in small commercial. Together we were able to build a way for underwriters to automate much of the classification work and improve the transparency to the underlying data source that validates underwriting decisions.” – Prakash Vasant, CEO of NeuralMetrics.
Founded in 2017, NeuralMetrics is a NY-based data and analytics startup that’s known for its Smart Ratio platform that uses machine learning to extract actionable information from hard-to-access, unstructured public data.
