Insurance software developer Vertafore has launched its new RiskMatch Retention Prediction tool, which will provide agencies improved insights to increase customer retention.
Its new service will help identify policies at risk for cancelation or non-renewal.
RiskMatch aggregates data from 3,700 agencies and is capable of automatically analyse historic retention trends and upcoming renewals.
Through its services agencies can see upcoming renewals ranked by retention risk, focus on customers most likely to renew and view client retention trends based on carrier, product, geography, industry sector and even office location or agency rep.
Vertafore chief product and data officer Chad Hawkinson said, “We’re focused on delivering data and analytics tools that help our customers modernize, grow and support the most essential needs of their business.
“Putting this predictive tool into the hands of independent agencies empowers them with the right insights to build stronger, more loyal and more profitable customer relationships.”
The tools comes as part of the company’s ongoing effort to provide agencies with modernised analytics and data-driven solutions.
Last year, Vertafore acquired VUE Software, which provides configurable solutions which are tailored to the life and annuity, health, and property and casualty markets.
The acquisition enabled Vertafore to add new applications to its product suite, that can boost operational efficiency, minimised risk, improved distributor experience distribution management organisation.
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