A specialised search engine has been launched to allow users to discover the risk appetite of insurers.
RiskRadius promotes the exchange of information between insurance brokers and carriers, by location, standard industrial classification and line of coverage to find the correct insurer for the risk.
Currently available in the US, the tool is designed to eliminate the time drain risk managers, brokers and agents face in finding the exact match for their needs. Creators of the RiskRadius platform claim that it provides tools for carriers to upload their appetites and control them by state, line of insurance and Standard Industrial Classification (SIC) in real time.
Users enter a few basic criteria for their risk into the secure online tool and instantly receive a list of insurance companies whose risk criteria suit their needs.
From a risk management perspective, RiskRadius’ creators claim that the process of risk assessment has accelerated from hours, or days, to minutes.
“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amount of obstacles, including the unsolicited, unproductive stream of emails, alongside the bundle of costly, outdated carrier appetite brochures – putting a jam in the resource pool we all desire,” said RiskRadius co-founder Marilyn Quinlan.
“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 optimising the marketing process.”
The tool's capability to track and analyse queries will proactively benefit risk managers, as the platform is an industry-wide, market search of commercial property and casualty insurance business, claims RiskRadius.