RiskMatch

RiskMatch operates as a business intelligence and analytics firm providing a web-based platform tailored for the insurance industry in the United States. The company serves insurance brokers, agents, carriers, and managing general agents (MGAs) by delivering data-driven insights to optimize operations and foster growth.

Founded in 2013 by Kabir Syed, RiskMatch was established to provide regional and national brokers with analytical capabilities that were previously only accessible to the largest firms. Syed, who had an extensive 25-year career in the insurance sector, including executive roles at Marsh, aimed to democratize access to information and intelligence. His experience in opportunity assessment at Marsh directly informed the creation of RiskMatch's platform. The company achieved recognition as a Red Herring Top 100 North American Start Up in 2015. In April 2017, RiskMatch was acquired by Vertafore, a prominent insurance technology provider, and now operates as a separate business unit within Vertafore, with Syed joining the executive team.

The company's patented platform functions by centralizing and cleaning data from various sources like agency management systems and CRMs to give clients a comprehensive view of their business. It offers a suite of tools for portfolio management, placement solutions, and both internal and external benchmarking. Key features include identifying cross-selling opportunities by spotting coverage gaps, optimizing carrier relationships through data-driven negotiations, and leveraging industry knowledge to win new business. The platform also uses machine learning to identify at-risk renewals, with one tool, Retention Prediction, analyzing over 250 factors to predict customer churn. For carriers and MGAs, the solution provides insights to enhance underwriting accuracy, optimize pricing strategies, and identify market trends. Ultimately, the business model is centered on providing this analytics software to help clients increase efficiency, enhance client retention, and drive revenue growth.

Keywords: RiskMatch, insurance analytics, business intelligence for insurance, insurtech, Kabir Syed, Vertafore, portfolio management insurance, insurance data analytics, risk benchmarking, insurance broker tools, carrier relationship management, client retention insurance, policy management, underwriting analytics, cross-sell insurance, insurance placement platform, insurance data services, MGA analytics, agency performance metrics, commission benchmarking