Verisk InsurTech Solution Enables Real-Time Identification and Verification of Building Characteristics, Helping Insurers Underwrite with Greater Speed and Precision
Verisk, a leading data analytics provider, announced today the expansion of its new InsurTech solution OneXperience into commercial insurance. This expansion will enable agents and businesses to engage and closely collaborate with insurers by sharing video surveys of commercial properties in real time, helping insurers and their customers accelerate the underwriting process.
“Commercial property insurers often rely on sight-unseen or unverified data when underwriting a policy, especially since conducting in-person surveys of some properties can be time-consuming and expensive and can delay quotes,” said Maroun Mourad, president of global underwriting at Verisk. “OneXperience provides agents and policyholders with the ability to conduct live-feed video surveys of commercial properties in collaboration with insurers. Insurers can improve digital engagement with customers and make quicker underwriting decisions with confidence.”
OneXperience provides insurers with the ability to engage digitally, empowering them to conduct real-time virtual surveys of commercial buildings, obtain critical insights, and share photos, forms, and documents with all stakeholders. OneXperience, launched last year for home inspections, is built on proven virtual technology: Shared architecture, already used by many insurers for claim settlement through Verisk’s ClaimXperience platform, is now enabled to facilitate workflow integration throughout the policy life cycle from quote to claim.
With OneXperience, insurers can direct the survey to reveal granular details on potential risks and eliminate the gaps between actual conditions at the property and the coverage being provided. Insurers can also use OneXperience to request that Verisk review data submitted through the platform and provide analysis. The platform can be used by agents and insureds at multiple points of engagement from quote to renewal.