https://completemarkets.com/Pages/Discussion/dtopic/W8UbeaXjykKzyKTbAYFteA/My-Startup-Risk-Matrix-revolutionary-platform-to-underwrite-submit-business-and-manage-prospects-for-independent-brokers/
Friends,
I would love to get your opinion on my new startup Risk Matrix. The idea is pretty simple: the average insurance agent has
no time or resources to know about all programs, wholesalers, mgas, carrier
appetites etc that exist in the marketplace. There are thousands of carriers.
So an average agent misses out on a lot of opportunities to work with a
wholesaler because agent doesn’t know that wholesaler writes particular piece
of business. On the other side, wholesalers and direct carriers spend A LOT of
time declining business or advising agents that they don’t have the market for
the piece of business they are trying to place. The whole system has to be more
efficient. So I came up with the idea to create a matrix, kind of like periodic
system in chemistry. Let’s say the agent needs to place an apartment building.
He keys in several criteria’s (age of the building, construction type,
occupancy) and based on that he gets that Nationwide would decline the risk, so
would Starr Indemnity, but Colony through Hull & Co would. If agent
is already working with Hull&Co, Hull&Co will be one of the first companies in the
search queue. At that time, the agent will have the option to actually send the
submission to the wholesaler through the platform and he will do so by completing risk
specific questionnaires and accords. He will also have a tool to communicate
with the underwriting team. Then, wholesaler would upload the quote to the platform and
if the agent likes it he will have the opportunity to bind it through the
system. At the end the idea is to help agents to know the marketplace and to
help wholesalers to get ONLY the business the like to write.
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