Underwriters have the difficult job of capturing and synthesizing the data from submissions to make a proper assessment. Often times, evaluating an inbound submission is not a black and white scenario, even when it comes to renewal business. Risk factors such as loss development, new exposures, etc. take time to input and assess. That process is much more time-consuming and costly for new business. Moreover, Underwriters are not paid for data entry and administrate tasks. They are highly skilled professionals, that with the available data, can make great decisions for their companies.
Groundspeed not only provides the data found in submissions accurately and quickly, it fuses 3rd party data and insights found from Groundspeed’s Risk Analytics. Underwriters can now completely see all elements of risks e.g. actual loss development as well as capitalize on insights from Groundspeed such as whether a risk is under or over reserved for open claims. Groundspeed is enhancing the underwriting process and experience with rich and accurate data.