Source obtained from programbusiness
Vantage Agora has released a new loss-analysis web application that allows insurance brokers, program managers and managing general agents to view and analyze consolidated data on claims losses for clients and prospects. The application gives a big-picture view of a book of business. Brokers can use the insights it provides for marketing/remarketing and negotiating premiums for clients and prospects.
“Insurance buyers and risk managers want more transparency to better manage their risk and premiums. They struggle to put together a complete look at their claim and premium data,” explained Sudhir Achar, CEO of Vantage Agora, a firm that provides insurance process outsourcing and consulting, technology services, and operations software. “The new loss-analysis app gives brokers and wholesalers an actionable dashboard to serve those needs.”
The Vantage Agora loss-analysis application is hosted on the firm’s browser-based “ox zion” business enterprise platform. The SaaS (software as a service) app combines data from disparate sources such as a management system and/or data from carriers or third-party administrators. The web-based application requires no software installation.
Many systems output loss-run and premium data, but can’t consolidate it to provide combined results. “Combining multi-year and multi-insurer loss runs provides brokers a way to make a powerful presentation,” said Achar.
The ox zion platform also offers a financial and production management “actionable dashboard.” This gives leaders a “forecast to cash” overview of business, from pre-quote to premiums received, explained Achar. “But brokers also need further visibility into client historical data, which is crucial to answering client queries such as: ‘Why is my premium going up when losses have been stable?’ and ‘What are my claim and premium trends?'”
“The Vantage Agora application helps brokers to understand loss ratios and the loss-development impact on premiums. It equips the broker to better serve the prospect or client and fully understand the risk profile and needs,” concluded Achar.