Verisk has announced the integration of its LightSpeed® Small Commercial solution onto Guidewire Marketplace.

The integration can help small business insurers automate underwriting workflows and bind new business in seconds. LightSpeed Small Commercial quickly provides insurers with reliable exposure data including the minimum core attributes needed in an automated process (NAICS, SIC, #Employees, payroll and revenue) as well as insights for more informed decision-making with only the input of basic information.

According to reports, the automation is driven by deep underwriting data and analytics that allow insurers to efficiently classify, quantify, and qualify risks for more targeted risk selection and increased straight-through processing.

“Insurers face the challenge of delivering quotes at a rapid pace while meeting business growth and profitability targets,” said Elizabeth Casas, vice president of commercial lines underwriting at Verisk. “When it comes to small business insurance coverage, it’s all about the details. Our LightSpeed Commercial accelerator accurately optimises in seconds, and now it will enable Guidewire customers to enhance operational efficiency, better serve customers, and drive profitable growth.” 

Frankenmuth Insurance, a super-regional insurance carrier based in Frankenmuth, Michigan, is a new client of Verisk, and will be deploying the technology in 2024. “Leveraging the LightSpeed Small Commercial accelerator will allow us to quote new business faster, resulting in a quicker, easier buying experience for our customers,” said Tim LeClair, vice president of commercial lines at Frankenmuth Insurance.

“Verisk has provided a clear path to grow our portfolio and strengthen customer relationships.” More than 30 Verisk solutions have been integrated onto Guidewire Marketplace, including 360Value®, which helps insurers from underwriting to renewal with reliable, claims-driven, component-based estimates that account for virtually all material and labor required to rebuild structures.