ANN ARBOR, Mich., July 26, 2022. Groundspeed, a leading provider of SaaS-delivered smart submission and analytics solutions to the property & casualty insurance industry, launched a Workers’ Compensation data product today. Groundspeed can now provide a 360-degree view of any workers’ compensation risk profile. With over 300+ data points derived and enriched from workers’ compensation loss runs, applications, eMod worksheets, exposures, and 3rd party data, this product gives underwriters a one-stop-shop for all their data needs. In addition, this data is available almost immediately upon receipt of the broker’s submission. This product is intended to allow customers to not only set up & clear all submissions, but also to immediately triage and rate using their own rules and Groundspeed-provided insights. All Groundspeed products are backed by a 98% data quality pledge and industry-leading SLAs.
“Our AI-enabled HITL data platform and years of experience in the P&C insurance helped us craft this new product,” said Eric Kobe, CEO of Groundspeed. “We owe this success to our deep and continued partnership with our customers. Expect more from Groundspeed as we continue to roll out more expansive data products in the coming months.”
Groundspeed provides the most comprehensive workers’ compensation data package in the industry. It is currently comprised of over 300+ data points curated from multi-year loss runs, ACORD applications, eMod worksheets (both NCCI and state), and payroll schedules. As a result, this package has the most complete coverage of submission documents typically seen in the workers’ compensation space.
Groundspeed Predictive Fields
Groundspeed’s industry-leading contributory dataset is leveraged to enrich submission document data with additional predictions and analytics. For example, cause and injured body part, coverage and sub-coverage types, and a predicted loss reserve score. Our analytics are designed to help underwriters create accurate premiums and improve their overall book of business.
3rd Party Data
Groundspeed also provides several 3rd party enrichments and validations with this data product upon request. These include address corrections, geocoding, and NAICS/SIC and DUNs information.
About Groundspeed Analytics
Groundspeed is a leading intelligent data platform for commercial P&C insurance carriers. With Groundspeed, underwriters and business leaders can make faster, smarter decisions — winning more business and improving loss ratios. Our human-in-the-loop API delivers complete, accurate, and enriched risk data in hours. To learn more, visit www.groundspeed.com.