RiskRadius, a provider of tools to insurance carriers and insurance brokers, has launched a risk appetite search engine. The platform provides the ability for carriers to easily upload their appetites and control them by state, line of insurance and Standard Industrial Classification (SIC), in real time.
According to RiskRadius, the new search engine moves the dissemination of appetite from analog to the digital state of communication. This should enable commercial P&C carriers to connect with brokers in a more streamlined manner.
RiskRadius adds that the tool allows insurance brokers to search the dynamic database of appetites to discover new solutions for their clients based on SIC, what state they are located in and line of coverage in order to perform target marketing. This deisgn yields better results, according to RiskRadius, and improves the overall quote ratio from carriers. The carriers can also market specifically to geographic areas and industries.
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