Insurer selects AI-powered classification and risk intelligence data solutions to boost growth in the small/medium business sector

NEW YORK, USA, May 23, 2023/EINPresswire.com/ -- To strengthen its risk-assessment processes and operations, Stillwater Insurance Group (Stillwater) has partnered with NeuralMetrics, a provider of real-time, transparent commercial lines data intelligence for insurance classification and underwriting. Stillwater features an emerging commercial book of business initially focused on providing fast and easy four-minute quotes with superior price segmentation, in addition to personal lines insurance products. The company operates in all 50 states with offices in Florida, Nebraska, and New York.

With AI-powered risk quality data solutions from NeuralMetrics, Stillwater can accurately classify businesses and gain a comprehensive view of associated exposures with only the name and address of a business. Insurance agencies benefit by saving valuable time and improving accuracy of quotes, as the company bolsters data-driven underwriting validation to improve commercial profitability. High accuracy rates, fast access to critical risk insights, transparent and validated sourcing of data, and the ability to quickly implement AI-powered risk data access were principal factors in Stillwater’s decision to select the NeuralMetrics classification and risk intelligence data engines for underwriting productivity.

“Our partnership with NeuralMetrics is a win-win situation that enhances the agent experience and increases our underwriting efficiency,” said Eric Neely, vice president of commercial lines at Stillwater. “In an increasingly competitive and digitally savvy market, small/medium commercial agents and policyholders obtain fully underwritten, ‘no-touch’ insurance quotes more than 80 percent of the time. Simultaneously, Stillwater underwriters receive more detailed, timely, and reliable information about risks, enabling more effective underwriting with superior service and cost-contained growth.”

“Stillwater is an innovative insurance company, seeking to leverage AI technology to drive risk-evaluation proficiency, and enhance its commercial underwriting processes with transparent, real-time data,” said Prakash Vasant, chief executive officer at NeuralMetrics. “Our partnership is an excellent fit for both organizations. NeuralMetrics classification and risk intelligence data engines enable Stillwater to quote and price commercial business with precision. Full visibility into exposure data sources allows Stillwater underwriters to gain better perspective and higher confidence via a wider range of data for risk assessment, as well as appropriate classification and related pricing.”

About Stillwater Insurance Group (Stillwater)
Stillwater is a national personal and commercial lines carrier with rock-solid financial stability. Stillwater Insurance Group consists of three separate companies: Stillwater Insurance Company, Stillwater Insurance Services, Inc; and Stillwater Property and Casualty Insurance Company. Stillwater is accredited with an A+ rating from the Better Business Bureau and received the BBB’s Torch Award for Business Ethics. Both Stillwater Insurance Company and Stillwater Property and Casualty Insurance Company are rated A- (Excellent) by AM Best. For more information, visit www.stillwaterinsurance.com.

About NeuralMetrics
NeuralMetrics (www.neuralmetrics.ai) provides classification and risk-intelligence data to facilitate accurate, contextual commercial lines underwriting for property/casualty insurance organizations. The company’s easy-to-deploy, AI-powered data platform extracts actionable, industry-compliant risk-assessment insights — instantaneously and transparently — from dynamic, public sources of information. To drive straight-through processing, the real-time NeuralMetrics data platform enables comprehensive industry classification, incisive underwriting, and precise policy pricing. Up-to-the-minute data from NeuralMetrics also supports lessors’ risk assessment, book roll analytics, exposure monitoring, premium audit, and renewal management, as well as market analysis for lead qualification and acquisition to expand books of business.

Candace Boyle
the10company
candace.boyle@the10company.com