Ivans, an industry network for insurance professionals, has partnered with Relativity6, an AI platform, to enhance commercial lines quoting for agents and carriers.
Relativity6’s platform retrieves up-to-the-second information about a business to automatically detect its 6-digit NAICS code, verify its existence, and flag any need-to-know keywords.
The partnership between the InsurTech and Ivans, fostered by the Ivans Innovation Lab, will see Ivans incorporate Relativity6 into its commercial offerings, including Ivans Distribution Platform and Ask Kodiak, in a bid to make the quoting process simpler for clients.
Relativity6 is the first InsurTech to come out of the Ivans Innovation Lab, an internal incubator focused on building proof-of-concept innovation.
Ivans said its solution supports both straight-through processing as well as more complex risks that require an underwriter’s attention. By using Ask Kodiak to identify market appetite as part of the process, the platform increases efficiencies and submission volume and can lower declination rates.
The collaboration will mean that during the quoting process, Ivans will automatically fill in data fields with small business verification data for agent and carrier customers, which will enhance accuracy and reduce manual data entry, Ivans said.
Alan Ringvald, CEO of Relativity6, said, “We are thrilled to partner with Ivans to bring AI-powered industry classification to its users. Our artificial intelligence and real-time data will automatically fill in fields during the underwriting process, speeding up the process while boosting hit ratios.”
Relativity6 recently raised $5.25m in a seed funding round led by Fin Capital.
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