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RiskRadius on Tuesday released a specialized search engine intended to give insurance brokers a real-time sense of the risk appetite of insurers.
The San Francisco-based insurance technology provider said the tool will save brokers and agents time finding an exact match for a client's risk. Housed on a secured platform, the Web-based tool enables insurance brokers to search the dynamic database by location, standard industrial classification and line of coverage to find the correct insurer for the risk.
The company said the search engine also will bring efficiency benefits to insurers, enabling them to market to specific geographic areas and industries. Moreover, the tool's capability to track and analyze queries will show the insurer the specific brokers searching for risks that coincide with their appetite, the company said.
Brendan Quinlan, co-founder of RiskRadius, said the company has received positive feedback from the brokers and carriers that beta-tested the product.
“Efficiency was critical in the development of this product, and after only six months in our beta phase, we are pleased that both groups have expressed that the platform is easy to use and the overall process has been a significant timesaver,” Mr. Quinlan said in a statement.