NeuralMetrics Addresses the Small Data Problem in Commercial Underwriting

For carriers that specialize in small commercial and micro-businesses, the amount of information is often limited and spread across a wide spectrum of sources. There’s a small data problem in underwriting small commercial business. Generating accurate classification and risk assessment intelligence from sparse data is challenging. Significant technological expertise is often required to extrapolate meaningful insights from structured but disparate data, as well as from limited, unstructured data.

NeuralMetrics has developed a solution for this commercial underwriting challenge. Harnessing the powers of AI, advanced analytics, and natural language processing, the firm’s solutions analyze a range of data from public and third-party sources and deliver a 93% classification hit rate for businesses listed online, including those with less than five employees.  The AI-driven technology increases underwriting efficiency, boosts the bandwidth of underwriters, and improves pricing accuracy. Underwriters can write more business and build lasting stakeholder relationships.

With just a name and address, website, or corporate email ID, NeuralMetrics can pinpoint business classification (in 6 seconds) and answer standard and bespoke risk questions (in 12 seconds or less). Propelled by rigorous business classification, the company’s data products support account-level underwriting. The data-delivery engines offer 450 out-of-the-box risk insights supported by more than 700 models, with more in development every day. Additionally, the data scientists and insurance experts tailor the offering to carrier-specific underwriting guidelines, questions, and strategies.

At the heart of the NeuralMetrics solutions for classification and risk intelligence is end-to-end data transparency so underwriters can see and evaluate all data sources. Built-in transparency and confidence scores for the sources of risk information help insurers effectively combine underwriting expertise with AI-enabled automation and data — to confirm accuracy of exposures, comply with existing and evolving data regulations, and safeguard the interests of policyholders.

For information on how NeuralMetrics empowers insurers, MGAs, brokers, and agents to overcome the small data problem and boost commercial underwriting performance, check out this information sheet.