Roger
I love the ease of your quoting…
I love the ease of your quoting platform, but it's been very difficult to get approvals on most of the risks we run through the system. Almost always, we receive the following declination reasoning: "We will have to take a pass due to the individual scoring on this account computed by proprietary algorithm assessing 1st and 3rd party data, computer vision and AI assessments has determined that this risk would underperform against industry results and company underwriting goals". Thereafter the declination, I call to ask for an explanation, and no one can give me a valid response. On multiple occasions, our insured's have clean loss histories, managed by a property a management company, consistent tenants, and have been the owner for many years, etc.. It would help to understand the decision making process.
Response from Honeycomb InsuranceMar 13, 2024
Hi Roger, Thank you for providing this valuable feedback. We passed along your feedback to our team. After following up with you directly as well, we got a lot of good insights into how we can provide more clarity on declinations and opportunities to support your business better. Thank you for your patience and for being a valued Honeycomb partner!