NeuralMetrics Launches MarketEdge An Intelligent, AI-Powered Commercial Insurance Lead Management Platform
MarketEdge technology enables insurers to quickly gain suitable policyholders and grow books of business
NeuralMetrics, a provider of fast, actionable commercial lines intelligence for insurance lead generation and underwriting, announced the launch of MarketEdge, an AI-powered platform to research and filter U.S.-based businesses and markets, prequalify leads, and attain desirable insurance customers. Additionally, the solution evaluates the propensity of businesses to change insurance providers in upcoming renewal cycles, enabling insurers to efficiently add qualified policyholders based on business characteristics and risk factors.
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With an initial focus on the U.S. workers’ compensation market, NeuralMetrics is adding additional commercial lines of business to the MarketEdge product portfolio. MarketEdge uses artificial intelligence (AI) and natural language processing (NLP) to identify qualification information and viable leads so that insurers can reliably pinpoint the best prospects — especially important in the workers’ comp policy sector, where finding leads is time consuming with low rates of conversion success.
Driven by intelligent technology, MarketEdge leverages information from a variety of public databases and information sources, including OSHA, the Centers for Medicare and Medicaid, the Environmental Protection Agency, paycheck protection recipients, licenses, permits, and inspections, and much more. The company regularly augments data and adds new sources of information.
“The workers’ comp market is undergoing significant changes. COVID-19 implications, including shifts to virtual work, as well as the impacts of inflation and cost-cutting measures have business leaders reevaluating and seeking optimal insurance coverage and policyholder services,” said Prakash Vasant, CEO, NeuralMetrics. “NeuralMetrics and its MarketEdge solution help carriers, brokers, and agents take advantage of those opportunities, by applying AI and complementary advanced technologies to quickly and accurately identify top targets and prospects.”
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NeuralMetrics is on a mission to make commercial insurance underwriting easier and more efficient. The launch of MarketEdge is a key element of the broader NeuralMetrics platform, which includes SmartRatioTM, an AI-powered solution to help insurers obtain reliable industry classifications and generate compliant data insights and risk intelligence to proficiently underwrite commercial business.
Using SmartRatio, insurance companies and their distribution partners can rapidly classify businesses with just a company name and address, understand the associated risks, and access specific underwriting information required for precise pricing and proposal generation.
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