Relativity6 Partners with Ivans to Enable AI-driven Commercial Lines Data Enrichment
First insurtech partnership to come out of Ivans Innovation Lab, enhancing commercial lines quoting for agents and carriers
UNIVERSITY PARK, Ill. – July 12, 2022 – Ivans® today announced a partnership with Relativity6, Inc., an AI platform that retrieves up-to-the-second information about a business to automatically detect its 6-digit NAICS code, verify its existence, and flag any need-to-know keywords. Fostered by the Ivans Innovation Lab, the partnership between the insurtech and Ivans will automatically fill in data fields with small business verification data for agent and carrier customers during the quoting process, enhancing accuracy and reducing manual data entry.
“We are thrilled to partner with Ivans to bring AI-powered industry classification to its users,” said Alan Ringvald, CEO of Relativity6. “Our artificial intelligence and real-time data will automatically fill in fields during the underwriting process, speeding up the process while boosting hit ratios.”
Ivans will incorporate Relativity6 into its commercial offerings, including Ivans Distribution Platform and Ask Kodiak, to make the quoting process simpler for clients. Ivans Distribution Platform improves the commercial lines policy lifecycle. Unlike point solutions available in the market, the Ivans solution supports both straight-through processing as well as more complex risks that require an underwriter’s attention. By using Ask Kodiak to identify market appetite as part of the process, the platform increases efficiencies and submission volume and can lower declination rates.
Relativity6 is the first insurtech to come out of the Ivans Innovation Lab, an internal incubator focused on building proof-of-concept innovation. As part of Ivans’ acquisition of Ask Kodiak, the Innovation Lab is a core focus of the Ask Kodiak team to drive additional innovation and connectivity into the insurance ecosystem.
“As we worked with Relativity6 through the Innovation Lab, we quickly realized the impact their technology would have on the industry,” said Mike Albert, Co-Head of Ivans Innovation Lab, Ivans. “Our partnership will leverage data and the latest AI technology to enhance underwriting workflows, creating an overall better and faster end-customer experience.”
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Ivans is where insurance carriers, agents, and MGAs come together to grow their businesses. Every day, our 34,000 agents and 450 carrier partners plug into technology that empowers them to better determine appetite and eligibility, swiftly produce quotes, get accurate claims and commission updates, automatically communicate policy data, and connect to one another to drive new business. With easier ways to get the day’s work done, insurance professionals can open the door to more revenue without letting complexity in behind it.