BOSTON, Dec. 02, 2020 (GLOBE NEWSWIRE) -- Ask Kodiak, an API platform providing real-time appetite and eligibility for commercial lines insurance companies, managing general agencies (MGAs), wholesalers, and agents, is pleased to announce a partnership with Commercial Insurance Partner LLC (CIP) to accurately share carrier appetite and eligibility information for dramatically improved quote speed and conversion rates.
Based in Moore, Oklahoma, CIP delivers a bolt-on efficiency solution through digital partnerships focused on lead acquisition, conversion, and risk appetite management for commercial lines insurance companies and utilized largely by sales centers. This partnership with Ask Kodiak is important to CIP since real-time knowledge of carrier appetite is critical to CIP’s ability to evaluate risk and match customers with the best commercial insurance partner.
“No one understands commercial appetite like Ask Kodiak,” said Jessica Chitwood-Long, president of CIP. “Without a complete understanding of a carrier’s appetite at any given point in time, it would be impossible for us to make recommendations and create efficiencies for our clients. We appreciate the unmatched accuracy Ask Kodiak brings to the table.”
In the rapidly changing world of commercial insurance, accurate underwriting is made even more difficult by rapidly changing eligibility rules in the insurance industry. Lack of real-time insight into carrier appetite by distribution partners compounds the problem by generating no quote situations and taking time away from more desirable business. Unfortunately, most carriers lack a viable digital mechanism for sharing appetite with partners submitting risks to the company’s call centers.
Utilizing the Ask Kodiak platform, insurance companies can store, update, and share appetite and eligibility information with any distribution partner via APIs for maximum efficiency, underwriting accuracy, quote-to-bind speed, and conversion rates. And, Ask Kodiak’s new industry standard for high-definition classification of commercial insurance risks, NAICS HD, utilizes all levels of the NAICS hierarchy, up to and including the sub-descriptions associated with six-digit national industry codes.
“CIP is building a very effective operation to supply carrier call centers with the exact type of customers they want to write,” said Michael Albert, co-founder of Ask Kodiak. “Ask Kodiak uses the most precise and granular classification code system – NAICS HD – to ensure our carrier partners efficiently classify and underwrite profitable risks.”
About Ask Kodiak
Ask Kodiak helps insurance carriers organize commercial insurance. The API-based technology platform that helps agents make product selections based on appetite and eligibility provided by insurance carriers wherever it’s needed. For more details, visit www.askkodiak.com.
Media Contact:
Jennifer Overhulse
St. Nick Media Services
(859) 803-6597
jen@stnickmedia.com