Verisk AI Leverages Yelp Data to Help Insurers Underwrite Small Commercial Risk
October 04 2021 - 9:00AM
The COVID-19 pandemic has led many small businesses to pivot or
expand. As a result, new insurance coverage needs have emerged. To
help insurers serve the changing marketplace, Verisk (Nasdaq:VRSK),
a leading global data analytics provider, is leveraging artificial
intelligence (AI) and image analytics to generate insights from
more than 200 million reviews on Yelp, the company that connects
people with great local businesses.
Verisk is using AI to analyze unstructured data in Yelp reviews,
including images that might indicate how a business has evolved.
Insurers can use these insights to inform discussions about
coverage with potential customers, see how employees are mitigating
risks and make underwriting decisions with greater speed and
precision.
“Finding current and robust information online to underwrite
small commercial insurance can take significant time and effort,”
said Tracey Waller, director of small commercial underwriting at
Verisk. “By working directly with Yelp, Verisk is augmenting its
high-quality and consistent analytics on millions of small
businesses with information that is up-to-date, organized and easy
to digest.”
Through Yelp, Verisk can seamlessly integrate millions of data
points, including Yelp’s trusted reviews and images in real-time,
which supports Verisk’s ongoing effort to help insurers accelerate
their digital transformations and win the race to zero questions on
insurance applications. Yelp’s platform, which enables consumers to
discover, connect, and transact with millions of local businesses
of all sizes, provides a powerful source of data for insurers
that’s constantly being updated.
“At Yelp, we’re committed to helping businesses grow and
thrive,” said David McKie, Yelp’s vice president, business
development and data licensing. “Using Yelp's trusted data on local
business, Verisk's AI technology can now help businesses more
quickly and easily obtain the insurance coverage they need."
The Yelp data will be integrated into LightSpeed® Small
Commercial, a Verisk solution that leverages robust data and
analytics to automate underwriting, improve customer and agent
experiences, and ultimately reach the finish line in the “race to
zero” questions on small commercial insurance applications.
Verisk creates innovative solutions by applying scientific
methods to massive volumes of data—from information about
properties and communities to fraud, catastrophe, weather, consumer
behavior as well as societal and environmental risks. Complemented
with Verisk’s deep domain expertise, the company is able to combine
data, analytics and decision-support platforms into comprehensive,
industry-leading solutions.
About Verisk
Verisk (Nasdaq:VRSK) provides predictive analytics and
decision-support solutions to customers in the insurance, energy
and specialized markets, and financial services industries. More
than 70 percent of the FORTUNE 100 relies on the company’s advanced
technologies to manage risks, make better decisions and improve
operating efficiency. The company’s analytic solutions
address insurance underwriting and claims, fraud, regulatory
compliance, natural resources, catastrophes, economic forecasting,
geopolitical risks, as well as environmental, social, and
governance (ESG) matters. Celebrating its 50th anniversary, the
company continues to make the world better, safer and stronger, and
fosters an inclusive and diverse culture where all team members
feel they belong. With more than 100 offices in nearly 35
countries, Verisk consistently earns certification by Great Place
to Work. For more: Verisk.com, LinkedIn, Twitter, Facebook, and
YouTube.
Contact:
Ali Krueger Herbert
551-204-6592
ali.krueger@verisk.com
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