A number of companies spread across diverse industries, including commercial insurance are seeking to embrace a new era that’s being driven by digital technology, to support new business models, improve productivity, and gain a competitive advantage. Insurtech companies like LineSlip Solutions, aim to accelerate these digitization efforts in a way that enables or extends the insurance value chain, instead of completely transforming commercial lines.
Founded in 2016 by entrepreneurs with over forty years of commercial insurance experience, LineSlip Solutions was purpose-built for the commercial insurance sector. “I co-founded LineSlip with colleagues from the insurance industry who shared my passion for transforming this industry and ensuring that it didn’t get left behind in the data revolution,” says Leo Bernstein, Co-Founder, and CEO, LineSlip Solutions.
The Chicago-based was built on a strong framework that uses Natural Language Processing to automatically extract and organize data that would otherwise be locked in binders, proposals, policies, and other insurance documents.
The company’s brilliant portfolio of solutions that includes Private Equity, Risk Management, and Real Estate, enables companies to seamlessly visualize their data and automate reporting while empowering them to make smarter, more insightful, and timely business decisions that affect the entire value chain.
LineSlip Solutions actively works with some of the most reputed risk managers, insurance brokers, and private equity and real estate firms, in the United States. With its three powerful solutions, the company is proving to be an unparalleled game-changer in the industry.
With impressive features like on-demand reporting, data transparency, instant insights, notifications pertaining to policy renewal timelines, complete automation, and swift, seamless implementation, LineSlip Solutions’ platforms position themselves as unique offerings for all stakeholders in commercial insurance.
LineSlip Risk Manager is a purpose-built data analytics and reporting platform that helps companies automatically extract and organize their insurance program information, hence eliminating the need for manual data entry.
The platform’s real-time dashboards and comprehensive reports provide insights into the driving forces behind the company’s insurance premiums, help analyze program information, and quantify trading relationships.
Risk managers can leverage this platform to access their in-force and historical commercial insurance data, by carrier, by year, by broker, or by line of coverage, in real-time, hence making management-ready reporting accessible at any time. The platform was recognized by Business Insurance, as the Innovation Award recipient in 2020.
The LineSlip Real Estate platform helps optimize expenditure, reduces reporting time, and allocates commercial insurance costs across a company’s portfolio. The platform eliminates time-consuming, tedious, and onerous manual reporting, and instead offers a centralized view of the company portfolio’s commercial insurance data so that it can be tracked and managed efficiently.
It also helps clients view both the current and historical state of their business, so that key insurance relationships, risk pooling, and consolidation opportunities can be identified, thereby ensuring consistency of coverage across the entire portfolio, with a single, easy-to-access company by company comparison.
The platform helps streamline premium allocations because it facilitates the systematic tracking of acquisitions and dispositions, helps budget premium expenditure throughout the fiscal year, and allocates them among properties as per the client preference, be it by square footage, or a custom methodology.
LineSlip Private Equity helps drive better business decisions, since it automatically extracts and organizes commercial insurance documents, hence providing all-round visibility into the portfolio’s insurance data, at both the portfolio company and fund levels. This helps clients track, manage, and view current and past data while reducing insurance administration.
“My vision for LineSlip is that it will streamline many archaic processes, bring collaboration where there once were silos, and allow everyone to benefit from data,” states Leo Bernstein.
With an exceptional roster of innovative commercial insurance services and products that are continually improving with the latest trends and demands, LineSlip Solutions provides a holistic insight into how digitization can transform the world of commercial insurance, for the better.