Software developer EvoSure has launched RiskPlace, a web-based software application offering an online network of brokers and underwriters intended to improve the quality and profitability of commercial insurance market transactions through increased visibility, efficient communications and better connections.
“Underwriters and brokers don’t always come together on the right deals. Over the past year, the platform we have been working on is essentially Match.com for the commercial insurance space,” said Matt Foran, co-founder and CEO of EvoSure. “Brokers who learn and follow underwriter appetites deliver better results for their customers. From a product perspective, our goal is to route the right risks from brokers to the right underwriters.”
Submissions for new commercial insurance policies must be reviewed, Foran explained, but as much as 70 percent are not quoted because they don’t match the carriers’ risk appetites. This inefficiency can cost insurers as much as $200 for each missed opportunity, Foran said. Large carriers spend millions of dollars each year to develop and define their risk appetites, but they change regularly and can be difficult to communicate clearly and consistently, he said. From the brokers’ perspective, finding the best underwriters for their risks is difficult and time consuming.
“For underwriters and brokers, relationships are built on positive outcomes. Underwriters who effectively and consistently communicate their risk appetites develop the strongest relationships with brokers,” Foran said.
RiskPlace is designed to give underwriters the ability to create a risk appetite at the appropriate level of detail and offers opportunities based on carrier strategies and individual underwriter appetites. It also enables underwriters to initiate risk-specific discussions with brokers, EvoSure said.
For brokers, the application identifies underwriters that match each risk the broker represents across carriers, products and customer attributes. It also offers an underwriter search capability, enabling brokers to find the best matched underwriter based on specific risk attributes.
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