NEW YORK, April 18, 2019 – Advisen has launched Opportunity Scorecard, a transformative business intelligence solution which impacts the relationship between a broker and a P&C client by identifying Cross-Sell and Upsell opportunities and At-Risk situations. Amidst a climate of rising jury verdicts, increasing settlement sizes as well as brokerage consolidation, Opportunity Scorecard is singularly focused on identifying organic growth situations by matching risks with known peer loss events.
Opportunity Scorecard combines a broker’s book of P&C business with Advisen’s proprietary loss data to generate on-demand analyses – by client – showing the client’s limits next to Advisen’s loss amounts. By comparing limits with actual loss event values, a broker can more clearly see potential risks, determine coverage gaps, and justify coverage recommendations based on the peer historical loss experience for a given line of business.
“Opportunity Scorecard highlights the organic growth potential in a broker’s book of business by honing in on situations where coverage limits don’t adequately cover known loss events,” commented Rick Hernandez, Advisen’s Global Product Manager. “By mapping Advisen’s loss event data to an entire commercial insurance book, we enable producers to easily articulate why an insured might need more coverage. Less-experienced producers will also come up to speed faster by seeing detailed risk profiles by account, and the prep work ahead of P&C renewals is significantly reduced.”
“Brokers get a previously unavailable ability to see where potential premium lies within their entire book while giving each account exec a single page of output per client which can be used to plot account strategy or be shared with the client,” added Ryan Yates, the architect of Advisen’s Opportunity Scorecard.
The analytic displays of Opportunity Scorecard are powered by Domo and securely house each broker’s unique book mapped to over 780,000 low frequency / high severity loss events across industries, LOBs, revenue bands, and geographies. As more loss event data is mined, a further array of cross-sell and upsell opportunities and at-risk situations will be revealed.
Opportunity Scorecard will be shown to New York-based brokers for the first time at Advisen’s annual Casualty Insights Conference on Thursday, April 18 at the Crowne Plaza in Times Square.
Advisen is the leading provider of data, media, and technology solutions for the commercial property and casualty insurance market. Advisen’s proprietary data sets and applications focus on large, specialty risks. Through Web Connectivity Ltd., Advisen provides messaging services, business consulting, and technical solutions to streamline and automate insurance transactions. Advisen connects a community of more than 200,000 professionals through daily newsletters, conferences, and webinars. The company was founded in 2000 and is headquartered in New York City, with offices in the US and the UK.
Visit https://www.advisenltd.com to learn more.
Media Contact: Jared Zeide, Advisen, +1.212.897.4823, [email protected]