UNIVERSITY PARK, Ill., Dec. 07, 2022 (GLOBE NEWSWIRE) -- Ivans® today announced a partnership with NeuralMetrics, empowering carriers to support more accurate underwriting/quoting and efficient distribution. NeuralMetrics enables actionable and transparent risk-assessment intelligence for P&C carriers, brokers, and agents.
As the next partnership to come out of the Ivans Innovation Lab, it will help carriers to grow the number of in-appetite submissions, while at the same time, making it easier for agencies to get precise answers to risk evaluation questions and produce accurate quotes by providing just a company name or business email address.
"Our partnership with Ivans is an important step in advancing the commercial insurance underwriting and quoting process for both carriers and agents, as well as the buying experience for policyholders," said Prakash Vasant, CEO, NeuralMetrics. "We're very excited to bring the power of artificial intelligence and natural language processing for risk evaluation to Ivans. In the past, carriers have often had to make coverage decisions about small businesses with very little verifiable information. NeuralMetrics focuses on giving carriers and their agency partners more accurate and specific underwriting information quickly and transparently, so they can make better decisions about the risks they are writing."
NeuralMetrics accurately classifies businesses in a fully compliant manner. The solution identifies potential exposures and their documented sources of information — such as a dance floor in a dining area, delivery services, or a deep fryer in a restaurant — creating greater quote accuracy.
The Ivans Innovation Lab, an internal incubator for innovation, features NeuralMetrics as its second insurtech partner. As part of Ivans’ acquisition of Ask Kodiak, the Innovation Lab is a core focus of the Ask Kodiak team to drive technology advancement and connectivity into the insurance ecosystem.
“A significant pain point in the insurance industry is a lack of risk information that leads to inaccurate quotes and lost opportunities for both carriers and agents, which is why we wanted to work with NeuralMetrics in our Innovation Lab,” said Mike Albert, Co-Head of Ivans Innovation Lab, Ivans. “We are happy to welcome NeuralMetrics to Ivans and excited to explore the opportunities for carriers and agents to benefit from bringing more data into the distribution process to create easier and more profitable interactions.”
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About Ivans
Ivans is where insurance carriers, agents, and MGAs come together to grow their businesses. Every day, our 34,000 agents and 450 carrier partners plug into technology that empowers them to better determine appetite and eligibility, swiftly produce quotes, get accurate claims and commission updates, automatically communicate policy data, and connect to one another to drive new business. With easier ways to get the day’s work done, insurance professionals can open the door to more revenue without letting complexity in behind it.
About NeuralMetrics
NeuralMetrics facilitates accurate, contextual commercial lines underwriting and comprehensive lead management for property/casualty insurance organizations. The company’s easy-to-deploy data-aggregation platform is powered by AI and natural language processing to extract industry-compliant, actionable risk-assessment intelligence instantaneously and transparently from dynamic, public sources of information. As a domain-expert partner to insurers, NeuralMetrics enables reliable rating classification, incisive underwriting, and precise policy pricing, as well as lead sourcing and qualification. For more information, visit www.neuralmetrics.ai.
