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Verisk Announces General Liability Underwriting Report

Staff Writer | January 05, 2016

Verisk Insurance Solutions introduces a new report that offers insurers a comprehensive, single-source point-of-sale report for underwriting general liability policies. Verisk offers the General Liability Advantage Report as part of its Underwriter Insight suite of data and analytics.

"Misclassifications often cause errors in selecting and pricing risks, which can negatively affect profitability," says Anil Vasagiri, senior vice president, product management and strategy, Verisk Insurance Solutions. "This report solves the problem by providing a reliable, in-depth risk evaluation. Underwriters won't have to guess at a business's classification, exposure, or management efficiency because the report gives a comprehensive picture of the risk."

The General Liability Advantage Report provides actionable information aggregated in one easy-to-use interface through the ProMetrix ordering platform. The report supplies information that may be missing from a policy application and validates existing application fields, including type of business, number of employees, estimated annual sales, OSHA and health department inspections and violations, business registration and licenses, credit history metrics, observed hazards, property details, and the risk potential of neighboring businesses.

Insurers can go to the ProMetrix platform, enter a business name and address, and receive a complete report-often in less than five seconds.

"The report addresses all the major pain points for a GL writer and does it virtually instantaneously," says Rick Stoll, director of business development for Verisk. "Underwriters will be able to get their quotes out faster than the competition, improving distribution channel relationships and effectiveness. Insight into specific risk factors allows them to underwrite with confidence."

Verisk's proprietary ProMetrix database of more than 3.7 million commercial properties and other Verisk and third-party resources ensure information is available on more than 26 million businesses in the United States.

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