Coterie Insurance, the small business insurance disruptor with an underwriting engine, has selected Relativity6’s API to strengthen underwriting.
Coterie Insurance said it is revolutionising small business insurance by enabling instant coverage.
By sourcing publicly available data, Coterie’s technology employs digital underwriting to enable a transparent and accurate quoting and binding process. The company said it arms agents, brokers, and partners with cutting-edge tools to get small businesses the coverages they need.
Relativity6’s AI platform retrieves up-to-the-second information about a business in order to automatically detect its 6-digit NAICS code and verify its existence. The company said it is the fastest and most accurate NAICS detector on the market, improving commercial underwriting workflow and overall business classification and segmentation.
The partnership will see Coterie leverage Relatvity6’s API, with accurate 6-digit NAICS predictions based on a real-time web search.
Coterie said this partnership will enable best-in-class, highly accurate predictions based on Relativity6’s real-time web search platform, helping Coterie analyse critical business data to produce bindable quotes within seconds.
Paul Bessire, VP of Data at Coterie, said, “We implemented Relativity6 in early 2022 and we’ve seen a significant reduction in misclassification, we’ve been able to expand our appetite, reduce post-bind audits, and identify fraud way more easily. If we see an agent enter a piece of information on their own and it conflicts with Relativity6, it’s easy to flag and identify when that’s truly fraudulent.”
Alan Ringvald, President and CEO at Relativity6, added, “I’m continually blown away with Coterie’s ability to bind quotes so quickly and accurately. They are truly setting the standard for small business insurance. I’m thrilled that Coterie is leveraging Relativity6 to be able to accurately and quickly predict one of the most crucial data points in commercial lines underwriting, industry classification.”
Last month, Coterie partnered with Appalachian Underwriters, Inc (AUI), for automated underwriting.
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