Nationwide, NeuralMetrics Partner to Accelerate Small Commercial Insurance Quoting for Agents

COLUMBUS, Ohio, March 9, 2022 /PRNewswire/ -- As commercial-focused insurance agents know well, every business carries its own unique risks – and it often takes significant time and research to accurately price the insurance policies to account for them. Nationwide has partnered with NeuralMetrics to help agents serving the small commercial segment save valuable time in the quoting process, improving their profitability as they focus on growing their businesses.  

Today's small businesses expect quick service. To help meet those expectations, Nationwide utilized NeuralMetrics technology to boost its small commercial quoting tools, now enabling agents to enter client information just once and leverage pre-fill data to evaluate underwriting exposures and quickly generate a precise quote.

"Small commercial accounts are an important growth segment for many independent agents, but historically many have shied away due to high time commitments and other factors," said Dawn Thompson, associate vice president of expedited underwriting for commercial lines at Nationwide. "With the NeuralMetrics tool, we're able to streamline the quoting experience for agents serving small commercial clients, creating more lucrative opportunities to grow their books of business in the small business sector."  

According to Thompson, the key to the technology's success is ensuring accurate inputs on the front-end. "When the initial information, like business name and location, is entered accurately and the business is visible online, we're able to achieve a 70% success rate or higher with bypassing the data entry and classification processes to provide a fast and accurate experience for agents and their customers," said Thompson.

NeuralMetrics is an insurtech data provider using natural language processing to power a real-time quoting experience. The company's Smart Ratio platform uses machine learning to extract actionable information from hard-to-access, unstructured public data.

"Through our partnership, NeuralMetrics had the opportunity to work closely with the Nationwide team and imagine a customer centric experience in small commercial," said Prakash Vasant, CEO of NeuralMetrics. "Together we were able to build a way for underwriters to automate much of the classification work and improve the transparency to the underlying data source that validates underwriting decisions."

To learn more about Nationwide's small commercial insurance solutions, visit Nationwide.com/business.

About NeuralMetrics
NeuralMetrics is an InsurTech data provider using natural language processing (NLP) to power a real-time, alternative data engine which extracts intelligence from unstructured public data and delivers classification, underwriting, and intelligent prospecting for commercial lines property and casualty (P&C) insurance companies. For more information, please visit www.neuralmetrics.ai.

About Nationwide 
Nationwide, a Fortune 100 company based in Columbus, Ohio, is one of the largest and strongest diversified insurance and financial services organizations in the United States. Nationwide is rated A+ by both A.M. Best and Standard & Poor's. An industry leader in driving customer-focused innovation, Nationwide provides a full range of insurance and financial services products including auto, business, homeowners, farm and life insurance; public and private sector retirement plans, annuities, mutual funds and EFTs; excess & surplus, specialty and surety; and pet, motorcycle and boat insurance. For more information, visit www.nationwide.com. Follow the firm on Facebook and Twitter. 

Contact:
Nationwide:
Graham Shippy
(614) 249-0682
[email protected]

NeuralMetrics Media Contact:
Thien-nga Palmer
(510) 332-1908
[email protected]

SOURCE NeuralMetrics