small business insurance - terrene labs · 2019. 7. 3. · transforming small business insurance...

www.terrenelabs.com | [email protected] | 513.445.3539©Terrene Labs, LLC All Rights Reserved.

KNOW YOUR RISKSMALL BUSINESS INSURANCE

Built With Deep Insurance Insight | Powered by Big Data Using AI/ML and NLPTRANSFORMING SMALL BUSINESS INSURANCE

• Win More Business• Reduce Underwriting Expenses

• Improve Loss Performance

Terrene uses only four fields to identify, verify and classify the risk to the appropriate business class and then performs a comprehensive risk profile using traditional, non-traditional and

new world attributes, in tune with today’s world of information accessibility.

NO QUESTIONS. JUST ANSWERS.

TERRENE ADVANTAGE

Carrier Specific Underwriting Guidelines

Comprehensive Risk Profile With Verified Quality

+ +=Delightful Customer

ExperienceSmarter Risk

Selection


• Cumbersome process with 50-150 questions

• Agents have to work with multiple carrier portals

• Incomplete/incorrect information on risks

• Entity name not found

• Licenses and professional accreditations are not in alignment with actual work

• Business coverage is not the same as what the business actually does

• Data collection and validation from multiple sources is cumbersome and time consuming

• Different data sources have conflicting data

• Different underwriting staff have different ways of searching and validating risks

• Cumbersome and high touch processes lead to high underwriting expenses

• High expense and poor risk selection lead to high loss ratio

• Low conversion rates lead to wasted efforts on risks that do not fit into appetite

• Simplified process – only 4 identifying fields

• Powerful engine analyzes risk parameters and builds a comprehensive risk profile

• Simple integration with carrier systems to enable a seamless end-to-end solution

• Verifies the existence of entity

• Establish the licenses and professional accreditations to ensure coverage is appropriate

• Recommends primary and secondary NAICS based on actual business profile

• Terrene uses a multitude of data sources – subscription, public, and third party

• Terrene performs dynamic data sourcing – reconciling conflicting information from multiple sources to increase confidence and accuracy

• Terrene algorithms incorporate artificial intelligence and machine learning to deliver continually-improving risk profiles

• Optimized risk classification and appetite management lower underwriting expenses

• Targeted risk selection using a comprehensive business profile leads to lower loss costs

• Creates a foundation for digital underwriting

PROBLEMS IN INDUSTRY TERRENE WAY


TERRENE APPROACH

• Only 4 elements needed• Auto-pre-fill• Real-time results• Eliminates the friction/confusion

• Verify existence of business• Licensing and accreditations• Use ML to determine risk classification (NAICS)

• Over 1200 data sources • Subscription based, public and third party data sources• Dynamic data sourcing

• Implement complex and evolving appetite rules and conditions• Incorporate appetite questions to allow underwriters to focus on risks tailored to carrier’s risk appetite

• Manage underwriting guidelines to identify unique risk conditions• Automate processes with intelligent classification and evaluation of underwriting rules

CUSTOMER EXPERIENCE

ENTITY VERIFICATION

COMPREHENSIVE RISK PROFILE

RISK SELECTION ENGINE UNDERWRITING DECISION ENGINE


16% had prior bankruptcies

Bar or nightclub

Property classified as residential

Also does tree cutting work

Also has coffee shop

Liquor license currently expired

Kitchen cabinet store

Also has an Asbestos and Environmental

license

0% self declared prior bankruptcy

Classified simply as restaurant

Applicant doing commercial business

Landscape contractor

Book store

Applying for restaurant insurance with liquor sales

Cabinet store, maker and installer (furniture and

related product)

Declared as home remodeler

Contractor

Restaurant

Property

Contractor

Retail

Restaurant

Manufacturing

Contractor

SMARTER RISK SELECTION

Fact Discovered by Terrene

As Reported on ApplicationType

small business insurance - terrene labs · 2019. 7. 3. · transforming small business insurance...

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