RiskRadius Launches Insurance Industry's First Appetite Search Engine

Business Wire

Tuesday, August 21st 2012

Ground-Breaking Web-Based Platform Allows Carriers and Brokers to Break Through the Maze of Appetite Search in Real Time

RiskRadius, a company dedicated to providing tools to insurance carriers and insurance brokers, today introduces the industry’s first and only dynamic risk appetite search engine. The web-based application eliminates the frustration and significant time drain insurance brokers and agents face in finding the exact match for their client’s needs. Additionally, this breakthrough platform provides equally beneficial tools to insurance carriers that include the ability for carriers to easily upload their appetites and control them by state, line of insurance and Standard Industrial Classification (SIC)– all in real time.

“Throughout my 30 years in the industry, it’s become clear that we all are faced with an unrelenting amount of obstacles, including the unsolicited, unproductive stream of emails, alongside the bundle of costly, outdated carrier appetite brochures - putting a jam in the resource pool we all desire,” said Marilyn Quinlan, co-founder of RiskRadius and a 30-year veteran of the insurance industry. “Compelled to find a quicker, easier and more economical way to provide the best option for broker clients, I brought together a team with a wealth of knowledge in the insurance sector to pave the way for the next generation of automating and optimizing the marketing process.”

The direct result of this new online platform is the time saving element to both broker and carrier. It not only moves the dissemination of appetite from analog to the digital state of communication, but tackles the current inefficiencies both sides face on a daily basis. Now, with RiskRadius, commercial property and casualty carriers can immediately connect with brokers in a more streamlined and efficient manner.

Using proprietary software on a secured platform, the RiskRadius tool allows insurance brokers to search the dynamic database of appetites to discover new solutions for their clients based on states where they are located, SIC and line of coverage to perform target marketing. According to the company, this approach produces better results while improving the overall quote ratio from carriers. The carriers can also easily market specifically to geographic areas and industries. For the first time, they now have the capability to track and analyze the greatest number of searches by state, SIC or line of coverage and the number of times their company appear in any given search. It will also show the carrier the specific broker who was searching for their appetite so they can immediately contact that individual.

“The reaction from brokers and carriers is overwhelmingly positive,” said Brendan Quinlan, co-founder, RiskRadius. “Efficiency was critical in the development of this product and after only six months in our beta phase, we are pleased that both groups have expressed that the platform is easy to use and the overall process has been a significant time saver.”

About RiskRadius

RiskRadius, a company dedicated to providing tools to insurance carriers and insurance brokers, developed the first web-based, (patent-pending) real-time platform to promote the exchange of knowledge between insurance brokers and carriers to optimize efficiency in placing commercial insurance. RiskRadius’ ground-breaking technology moves the industry from analog to digital and accelerates a marketing process that currently takes hours down to just minutes. RiskRadius’ founders have 40 years of combined experience in the insurance industry, bringing a wealth of knowledge in underwriting, underwriting management, broking, and account management. RiskRadius is located in San Francisco, Calif. For more information, visit www.RiskRadius.com or call 650-827-5356.