Customers help insurers raise profits, but those insurers don’t want clients who cost more than the company earns.
A risk assessment platform shows all the customer’s risks. Brokers get high-scoring leads and comprehensive reporting from the platform.
Direct connections between brokers and underwriters speed up operations and give customers more accurate quotes. Verkaik’s platform identifies risky investments and is great for all insurance companies.
Conduct Risk Assessment Efficiently
Comprehensive risk assessment is done efficiently with advanced software. Information about customers, including a risk score, is available to insurers instantly. Underwriters can identify all risks associated with clients faster.
Underwriters need to know what risks customers present. Quotes reflect the potential cost of insuring the client.
Drivers with moving violations, such as DUIs, are riskier and cost insurers more. Check Them Out Here and find out how the products save time on risk assessment tasks.
Connect Brokers and Insurance Carriers
Brokers and insurance carriers connect through the marketplace. Underwriters help insurance companies create policies and define coverage terms for their customers.
The marketplace application lets insurers upload census information and get fast details. By using the services, insurers and brokers can save time.
Underwriters get scores for individuals and groups. High risks and vulnerabilities cause financial losses, and the service categorizes these risks.
Generate Quotes for Self-Insured Clients
To become self-insured, clients need to meet specific guidelines. The company needs to have three years of experience, certified and audited financial statements, and an approved credit rating. Self-insured companies get comprehensive quotes from the service provider.
Insurers and underwriters are connected via the software, so self-insured clients get accurate quotes. Accuracy is of the utmost importance to clients.
Competing Within Insurance Marketplaces
Insurance companies get competitive rates from marketplace underwriters. Competitive rates attract customers, and insurers close more sales.
The insurance company needs an underwriter to find all risks and decide if the client is worth the risk. Clients who are hard to insure present several risks and pay more for coverage.
Clients won’t accept higher premiums if they can get coverage cheaper elsewhere. This system shows rates based on competitor prices and keeps more clients.
Reduce Loss Ratios
Insurers calculate their loss ratio based on how much they paid in claims and how much they earned in premiums. Using this system keeps the insurance company profitable and lowers loss ratios.
An insurance risk assessment shows a client’s chances of filing an insurance claim. Clients who file fewer claims and pay more in profits are what insurers want.
A customer with a history of insurance claims is riskier. An underwriter does a risk assessment to find high-scoring customers and calculate their monthly premiums.
Insurance companies get a lot of information about their customers from risk assessment platforms. Underwriters and brokers connect through the marketplace and serve their customers better. Customers that don’t pose serious risks are what insurance companies want.
High loss ratios lower insurers’ profits, and risky customers are to blame. Risk assessment platforms improve customer scoring and show insurers how often customers file insurance claims.
Loss ratios are based on how much insurance earns versus how much they pay out. A high-scoring customer might be self-insured and presents a lower risk.
Risk assessment platforms help insurance companies avoid risky customers and get comprehensive underwriting. Get in touch with Verikai to learn more about how the product works.