CAMBRIDGE, Mass., Jan. 31, 2023 /PRNewswire/ -- Coterie Insurance, the small business insurance disruptor with a cutting-edge automated underwriting engine, and Relativity6, Inc., the best-in-class industry classification platform with accurate 6-digit NAICS predictions based on a real-time web search, announced today that Coterie Insurance has selected Relativity6's API to provide predictions related to industry classifications.
"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," said Paul Bessire, VP of Data at Coterie. "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."
"I'm continually blown away with Coterie's ability to bind quotes so quickly and accurately, added Alan Ringvald, President and CEO at Relativity6. "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.
As one of Coterie's select data providers, Relativity 6 provides accurate industry classification information to help fuel the insurtech's automated underwriting engine. This partnership enables best-in-class, highly accurate predictions based on Relativity6's real-time web search platform, helping Coterie analyze critical business data to produce bindable quotes within seconds.
About Coterie Insurance
Coterie Insurance is revolutionizing 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. Coterie arms agents, brokers, and partners with cutting-edge tools to get small businesses the coverages they need. With the most expansive appetite on the market, Coterie is dedicated to seeing the small businesses of today succeed. For more information about Coterie Insurance and the digital transformation of small business insurance, go to coterieinsurance.com.
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. Relativity6 is the fastest and most accurate NAICS detector on the market, improving commercial underwriting workflow and overall business classification and segmentation. Relativity6 is backed by Fin VC, State Auto Labs Fund, and Vectr Ventures. For more information visit: www.relativity6.com
Katherine Jones, Director of Marketing & Communications
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