The launch of the Lessor’s Risk Only (LRO) capabilities comes in response to a prevalent challenge in the insurance industry: the lack of comprehensive and precise perspectives on property occupancy risks. By addressing this issue, NeuralMetrics aims to streamline risk assessment, enhance policy coverage accuracy, and facilitate regulatory compliance.
NeuralMetrics specialises in creating AI-powered solutions for commercial underwriting. By utilising cutting-edge technologies like generative AI and Large Language Models, the company delivers dynamic and detailed information on various risks, including tenant occupancy. These insights empower insurers to provide tailored coverage, streamline risk intake, and reduce premium leakage, thereby transforming the underwriting process.
The newly launched Lessor’s Risk Data Solution serves as a comprehensive tool for underwriters. It offers an instant, transparent understanding of occupant risk factors, thus enabling the efficient validation of tenant business operations and associated risks. The solution complements agent submissions and allows extensive prequalification of occupancy exposures. Its user-friendly interface and advanced workflow functionality make navigation effortless, providing a seamless experience for underwriters.
The Lessor’s Risk Data Solution features real-time transparency, allowing underwriters complete visibility into the data used to determine risk factors. This includes immediate views of each data source. This enhanced transparency not only fosters understanding of lessor’s risk profiles but also boosts regulatory compliance and durable portfolio performance.
With the new capabilities, NeuralMetrics continues to redefine the industry standards, offering solutions that not only address current challenges but set the course for future innovations in InsurTech.
NeuralMetrics chief underwriting officer Chris Schrenk said, “The availability of broad LRO data gives underwriters an instant, transparent understanding of occupant risk factors, streamlining risk assessment and empowering more precise coverages and quotes. With just a few clicks, underwriting teams can access a wealth of reliable tenant information that was previously challenging to obtain.”
Source: Fintech Global
