Utilant’s Loss Control 360 Facilitates Pre-underwriting of Commercial and Residential Policies with Virtual Underwriting
BUFFALO, NY, May 5, 2021
Utilant, an InsurTech leader providing the industry’s best-in-class Survey Management SaaS Product Suite for Loss Control and Premium Audit surveys, is now facilitating pre-underwriting of commercial and residential policies with new artificial intelligence (AI)-driven Virtual Underwriting capabilities added to the Loss Control 360 (LC360) platform.
Loss Control 360’s AI-powered insights are estimated to become involved in upwards of 80% of the underwriting decisions made within the platform.
LC360’s automation model triggers an intelligent workflow based on criteria such as location, past losses, construction, occupancy, exposures, risk score, prior loss control data, and claims data to transform the basis for underwriting and prevent future losses. Integrating AI, machine learning (ML), data, and analytics into all aspects of loss control delivers automated insight into a risk, suggesting the most appropriate survey type to the loss control personnel, including data-only surveys, virtual surveys, and onsite surveys.
“Utilant’s InsurTech Product Suite harnesses the power of loss control data through AI and ML and marries it to 3rd party and public record data to provide synthesized intelligence for better underwriting decisions,’’ said Ben Holub, VP of Product Management at Utilant. “Data-only surveys, and virtual surveys can filter out the lower risk and lower complexity portions of your book of business. This frees up Risk Engineers to focus on surveys of higher risk or higher complexity.’’
LC360’s Desktop Survey Form
LC360’s Desktop Survey Form allows 3rd party data to pre-populate a survey form giving the underwriter as much data as possible to determine the best next step on a risk. The desktop survey form is similar to the platform’s previous desktop review form, but now the 3rd party data (with the addition of one new data provider per quarter) is available from a single access point within the desktop survey form. Configurable widgets collect and compare the data generating a primary picture of the risk without being onsite. Current 3rd party data providers include HazardHub, Eagleview, Nearmap, Bing Maps, CoreLogic (RiskMeter, Commercial Express, RCT Express), E2Value, ISO, Hover, Building Footprint USA, Zillow, and Verisk.
LC360’s Underwriter Review Screen
From the platform‘s new Underwriter Review Screen, users gain the ability to print an underwriter output, make comparisons of generic fields or agent-provided values versus answer tags or survey out values, review photos, recommendations, and send email correspondence. The Underwriter Review Screen is a configurable, widget-driven dashboard creating a customized user interface.
LC360’s Virtual Underwriting
Execute virtual underwriting tasks without needing Risk Engineering/Consulting involved with LC360’s new Virtual Underwriting tool. A simple process of entering the address and basic details about a building and then requesting “show review screen” auto-triggers the aggregation of 3rd party data, previous survey data, and records of properties with similar characteristics, resulting in the system user being presented with a fully populated desktop review of that property.
“Historically, an Insurance Carrier is only able to inspect an average of 15% of its book of business with onsite staff,’’ said Rob Mikulec, CRO at Utilant. “LC360 is now leveraging pre-underwriting of commercial and residential policies to help reduce the probability of loss on the remaining 85% of risks that typically get skipped by allowing the intelligent assignment of additional survey types across an entire book of business from within a single, unified platform.’’
About Utilant and Loss Control 360
Utilant is an InsurTech leader providing the industry’s best-in-class Survey Management SaaS Product Suite for Loss Control and Premium Audit surveys. Utilant’s Loss Control 360 platform drives predictive risk insights with intelligent loss control solutions for Property & Casualty Insurance Carriers and Top Risk Engineering Companies. The Loss Control 360 platform leverages the world’s largest repository of survey data, coupled with a suite of workflow tools designed to inform smarter underwriting decisions. A typical implementation provides positive ROI within the first year. For more information visit www.losscontrol360.com.