Ask Kodiak, Coterie Partner on Business Classification, Ease of Integration
(Image source: Ask Kodiak homepage.)
Ask Kodiak, an API platform providing real-time appetite and eligibility for commercial lines insurance companies, agents, and brokers, and Coterie, the technology company that simplifies buying small business insurance, have announced a new partnership.
Cincinnati, Ohio-based Coterie specializes in commercial coverages for small businesses. The company is a licensed insurance producer in all 50 states and is backed by A-rated licensed insurers and reinsurers. Through its proprietary technology, as well as partnerships with other InsurTech solution providers, Coterie vaunts a more efficient small business insurance purchasing experience. Through the new partnership, Coterie utilizes the Ask Kodiak API to embed a classification search bar within agency partners’ existing workflows, which the partner says makes it easier for small business owners to get the right coverage, instantly.
“Classification and API integration are foundational,” comments Raymond Lynch, director of digital agent and broker distribution, Coterie. “A common framework for business descriptions makes everything so much easier from an integration standpoint. Before this partnership with Ask Kodiak, there was no standard code structure for integrations. This eliminates the mapping exercise that was previously typical and ensures data can pass back and forth as it should.”
Classification Accuracy Drives Everything
The Ask Kodiak High-Definition standard (NAICS HD) makes the more than 20,000 sub-descriptions beneath the NAICS national industry-standard codes directly addressable for determining insurer appetite and driving greater underwriting profit, a joint statement from the companies says. For greater semantic precision Ask Kodiak utilizes text descriptions, not numeric codes, for mapping to other legacy classification taxonomies, the statement adds.
“Getting classification right drives everything,” comments Allan Egbert, co-founder of Ask Kodiak. “Now, Coterie can more easily drive agent sign-ups and rapidly launch integrations with any organization working with independent agent and even if they don’t have the class description field in their solution. Essentially, generating a Coterie quote will now become almost effortless for agents.”
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