RiskMatch for Agents & Brokers®

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Data & Analytics

Did you know that roughly 1/3 of policies get below-market commission rates?  Imagine knowing which upcoming renewals were below market. You probably know the average client retention rate for agencies is just over 83%.

What if you knew which policies were most at risk to churn? Most agencies plan to grow faster than the overall market, but do you know the best growth opportunities?  What are the fastest growing industries or products in your market?  

Agencies and brokers using RiskMatch have answers to these questions - they average 7% higher renewals and cross-sell 1.4 more products per customer.

Announcing RiskMatch Retention Prediction

Retention Prediction identifies policies most at risk to cancel, with enough time to address the situation. We assess 21 factors in 6 categories to predict the policies that are at risk for churn and report them in stoplight fashion. See it in action.

With over $100B of in-force premium, RiskMatch is the most comprehensive data and analytics platform that provides agencies and brokerages with actionable insights to grow their business.  It supplies better recommendations, identifies specific revenue opportunities, and inform executive decisions resulting in increased growth and better relationships with customers and carriers. 

Gain business intelligence

See your entire business in one place, in real-time, by office, producer, product, industry, insurer and premium band. 

Optimize commissions

Understand profitability of carrier relationships, identify carriers with risk appetite and use data to maximize commission during carrier negotiations. 

Drive growth

Actionable insights help you retain, cross-sell and win new business.  Benchmark clients’ coverage with similar businesses to provide better advice and present the right products using compelling sales tools.

Consolidate trading relationships

Visualize total business through intermediaries, and consolidate on select, most profitable few. 

Boost retention

Utilize retention predictive analytics to identify policies most at risk to target retention efforts and keep existing revenue 

Close new business

Differentiate yourself from the competition with better data and more compelling presentation 

  • Business Intelligence

    Business Intelligence

    See your entire business in one place -- by office, producer, product, industry, carrier and premium band. As your agency grows, understanding what is going on beneath the surface becomes more important and more challenging. This affects your relationship with individual customers and your ability to manage the organization. 

    Normalized and Enriched Data:RiskMatch extracts the data from your agency management systems regardless of type, then structures it using machine learning and enriches it with 3rd party sources. Your data is consolidated into one clean and consistent graphical format that provides real-time, detailed, role-based insights to everyone in your business. 

    Revenue Drivers: Explore what is influencing your revenue streams and the type of business that is helping or hurting. Develop a business strategy informed by insight. Measure progress and answer critical business questions in real-time. Revenue Drivers shows your premium, commission, clients and policies across won, lost, retained, and cross-sell categories. Drill into each to see the impact of LOB, products, industries, account owners, branches, etc.

    Dynamic Dashboards: Easily access an interactive dashboard that provides an overview of your business performance and critical business metrics. In one click, prebuilt visualizations present your business like you’ve never seen it including clients, revenue, product sales, people (producers, account owners), premium flow (wholesale, direct) and market (carriers). 

    Historical Retention: Provides a view of agency policy retention and benchmarking against other agencies​.  You can view policy loss over time and by location.  Analyze your performance further with customizable reporting. Identify trends to find future opportunities. 

  • Commissions

    Optimize Commissions

    Benchmark carrier commissions, negotiate more effectively armed with data, identify carrier appetites, and consolidate wholesalers.   

    Market Profile: See up-to-date carrier performance insights. Market profile gives a clear view of how each of your carriers are performing specific to your premium and revenue. Identify your most profitable relationships and your tracking to plans and incentives. 

    Benchmarking Data: Access the data that will inform your carrier placements and ensure your agency is receiving the most competitive commission rates. RiskMatch leverages the largest set of industry data to deliver insights. It includes over 40% of the commercial P&C market, over 150 million policies across all 50 states and all 1,100 NAIC’s codes. All your data is safely stored and presented using GDPR- and CCPA-compliant data protection and PII removal. 

    Commission Spread:See how your commissions compare with market averages on a per-carrier basis. Identify where you have an opportunity to increase commission rates, consolidate and prioritize your most profitable relationships. 

    Potential Enhanced Revenue Report: Get a clear view of how your commissions compare with market averages on a customer basis. Identify where you have an opportunity to increase commission rates at renewal time. Track revenue opportunities across accounts, see market average commission rates by policy and customer, and see revenue increase opportunity by policy.

    Client Profile: Get a clear view of how your commissions compare with market averages on a customer basis. Identify where you have an opportunity to increase commission rates at renewal time. Provides side-by-side commission comparisons to the market for each customer and policy. 

    Analytics in Your Inbox: Sends timely information directly to your producers with actionable commission insights. This capability automatically sends your producers or account owners an email with insights on the market conditions so they can discover the potential to increase commissions upon renewal on a per-policy basis.   

    Intermediary (Wholesaler) Relationships: See your flow of premium (direct vs wholesaler) for the entire business and by individual carrier in real-time to understand intermediary relationship profitability. 

  • Growth

    Growth

    RiskMatch supports agency growth objectives including better cross-selling and winning more new business. Benchmark clients’ coverage with similar businesses to provide smarter options and increase cross-sell opportunities. Leverage industry knowledge to present the right products to prospects, with the right sales tools. 

    Cross Sell: This feature gives you a quick view of the additional products that customers should have but don’t. Filter accounts to identify coverage gaps and cross-sell opportunities based on risks they should be covered. See how many customers are uncovered and how many products they have with you (likelihood of a cross-sell opportunity). 

    Risk Profile Report: Show your customer the coverages they should be considering based on what similar customers have bought. Quickly generate preformatted, interactive proposals for your clients that shows your agency’s expertise and coverages that the client should consider purchasing. 

    Analytics in Your Inbox: Automatically send your producers an email with insights on cross-sell opportunities for upcoming renewals. This meets sellers where they work and saves them from having to open a new tool. It provides timely information to ensure your producers can optimize every upcoming renewal. Product recommendations are based on coverages bought by similar customer size, industry, and region. 

    Benchmarking Data:RiskMatch uses the largest industry-wide benchmarking data to compare your clients to the rest of the market to provide smart and competitive offerings. It includes over 40% of the commercial P&C market, over 150 million policies across all 50 states and all 1,100 NAIC’s codes. All data is safely protected using GDPR- and CCPA-compliant data protection and PII removal. 

    Benchmarking Report: Create compelling proposals aimed at winning more business and increasing revenue per customer. The Benchmarking Report shows your customer the average premium, deductible, limits, and more for a specific policy. Generate proposals that include industry-wide benchmarking to effectively place your customers’ risk with the ability to compare coverage pricing, limits, markets, and commission rates to the entire industry. Agency branding can be leveraged in PDF and HTML outputs. 

  • Retention

    Retention

    Most agencies put a high priority on client retention and yet it’s an area with room for improvement. We know that customers who buy more products from you are more likely to stay, so cross-selling is an effective retention strategy. Even more, the best way to retain a client is to give them something they can’t get elsewhere – sound data-driven advice. 

    Retention Prediction: Predicted Retention provides a forward-looking, up to 120 days, view on your potential policy renewal risk.  These are predicted using Vertafore’s retention prediction machine learning model.The Risk Profile provides the predicted degree of risk by number of policies, written premium and written commission.  Drill down to analyze from different perspectives. 

    Historical Retention is a view of agency policy retention and benchmarking against other agencies​.  You can view policy loss over time and by location.  Analyze your performance further with customizable reporting.  

     

    Cross Sell: A quick view of the additional products customers should own but don’t based on what similar customers buy. Filter accounts to identify coverage gaps and cross-sell opportunities based on risks they should have covered.

    Risk Profile Report: Show your customer the coverages they should be considering based on what similar customers have. Quickly generate preformatted, interactive proposals for your clients that show your agency’s expertise and coverages that the client should consider purchasing.

    Analytics in Your Inbox: Automatically send your producers an email with insights on cross-sell opportunities for an upcoming renewal. Make sure you have data-driven conversation with upcoming renewals well in advance. Product recommendations are based on coverages bought by similar customer size, industry, and region. 

    Benchmarking Report: Create compelling proposals that demonstrate your value as an advisor. The Benchmarking Report shows your customer the average premium, deductible, limits, and more for a specific policy. Generate proposals that include industry-wide benchmarking to effectively place your customers’ risk with the ability to compare coverage pricing, limits, markets, and commission rates to the entire industry. 

  • Risk Management

    Risk Management

    An important way to minimize E&O risk is to make sure you are advising your customers on the risks they face and the coverages they should consider. RiskMatch helps you provide your clients with a complete presentation of risks and coverage choices based on data from insureds with similar profiles.

    Risk Profile Report: Show your customer the coverages they should be considering based on what similar customers have bought. Quickly generate preformatted, interactive proposal for your clients that shows your agency’s expertise and coverages that the client should consider purchasing. Document that you have advised them. 

    Benchmarking Report: The Benchmarking Report shows your customer the average premium, deductible, limits, and more for a specific policy. In this way they see not only what coverages they should consider, but limits and premiums. Generate proposals that include industry-wide benchmarking to effectively place your customers’ risk with the ability to compare coverage pricing, limits, markets, and commission rates to the entire industry. 

RiskMatch Product Demo

What if your agency could maximize revenue streams and better manage Carrier relationships? Watch this RiskMatch demo to gain insights and uncover growth opportunities that give your agency the edge on the competition.

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Turning data into actionable insights

Modern analytic tools can turn your data into the asset you always hoped it could be. Technologies like machine learning and artificial intelligence can quickly make sense of data and spot patters to offer actionable insights to help make critical business decisions, win and retain more clients, and get a broader view of your everyday business activities. And with these insights, you can simplify your processes, better service your clients, and grow your business.

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RiskMatch insights & Benchmarking

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