(Photo: iStock) Agencies need to strengthen their analytics strategies by using descriptive, diagnostic and predictive analytics together “to glean actionable insights to increase customer retention,” says Vertafore. (Photo: iStock)

The use of predictive analytics isn’t new to the insurance industry’s bigger players, but for independent agencies, the utilization of this data science is limited.

Researchers at Vertafore sought to address this, developing a new analytics tool that launched in August. Vertafore’s RiskMatch Retention Prediction analytics tool sources aggregated data from 3,700 agencies. Its purpose, Vertafore says, is “to help agencies modernize with analytics that support data-driven business decisions and increase profitability.”

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Danielle Ling

Danielle Ling is an experienced video journalist and business reporter. As associate editor, Danielle manages all multimedia and reports on industry news and risk-related coverage, managing all weather-related content. A University of Maryland and Philip Merrill College of Journalism alum, Danielle previously served as a video journalist for Verizon FiOS 1 News NJ, Push Pause. Connect with Danielle on LinkedIn or email her at [email protected].

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