Stillwater Partners with NeuralMetrics to Accelerate Data-Driven Commercial Underwriting

Insurer selects AI-powered classification and risk intelligence data solutions to boost growth in the small/medium business sector

To strengthen its risk-assessment processes and operations, Stillwater Insurance Group (Stillwater) has partnered with NeuralMetrics, a provider of real-time, transparent commercial lines data intelligence for insurance classification and underwriting. Stillwater features an emerging commercial book of business initially focused on providing fast and easy four-minute quotes with superior price segmentation, in addition to personal lines insurance products. The company operates in all 50 states with offices in Florida, Nebraska, and New York.

With AI-powered risk quality data solutions from NeuralMetrics, Stillwater can accurately classify businesses and gain a comprehensive view of associated exposures with only the name and address of a business. Insurance agencies benefit by saving valuable time and improving accuracy of quotes, as the company bolsters data-driven underwriting validation to improve commercial profitability. High accuracy rates, fast access to critical risk insights, transparent and validated sourcing of data, and the ability to quickly implement AI-powered risk data access were principal factors in Stillwater’s decision to select the NeuralMetrics classification and risk intelligence data engines for underwriting productivity.

“Our partnership with NeuralMetrics is a win-win situation that enhances the agent experience and increases our underwriting efficiency,” said Eric Neely, vice president of commercial lines at Stillwater. “In an increasingly competitive and digitally savvy market, small/medium commercial agents and policyholders obtain fully underwritten, ‘no-touch’ insurance quotes more than 80 percent of the time. Simultaneously, Stillwater underwriters receive more detailed, timely, and reliable information about risks, enabling more effective underwriting with superior service and cost-contained growth.”

“Stillwater is an innovative insurance company, seeking to leverage AI technology to drive risk-evaluation proficiency, and enhance its commercial underwriting processes with transparent, real-time data,” said Prakash Vasant, chief executive officer at NeuralMetrics. “Our partnership is an excellent fit for both organizations. NeuralMetrics classification and risk intelligence data engines enable Stillwater to quote and price commercial business with precision. Full visibility into exposure data sources allows Stillwater underwriters to gain better perspective and higher confidence via a wider range of data for risk assessment, as well as appropriate classification and related pricing.”

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