(Image source: Detail from RiskMatch homepage.)
Vertafore (Bothell, Wash.) has announced its acquisition of RiskMatch, a Greenwich, Conn.-based analytics firm. Post-acquisition, RiskMatch will operate as a separate business unit within Vertafore, and founder and CEO Kabir Syed will join Vertafore’s executive team. Vertafore did not disclose the terms of the deal.
RiskMatch provides web-based solutions for insurance intermediaries and underwriting partners throughout the U.S. Its platform provides an range of portfolio management and placement solutions, analytics, internal and external benchmarking capabilities, and information management services designed to reduce costs, facilitate growth, and improve client service. Founded in 2013, RiskMatch raised $3 million from investors 8VC, Lightbank and Wildcat Venture partners in 2016, according to Crunchbase.
Combining the capabilities of RiskMatch and Vertafore’s network of over 25,000 agencies and 1,000 carriers, the vendor says it will now be able to provide the most comprehensive set of internal and external benchmarks, along with in-depth reporting. That will allow brokers and insurers to better understand their book of business and relationships across the insurance distribution chain, according to the vendor.
“We are excited to work alongside Kabir and the team at RiskMatch as we continue to deliver on our promise to customers to provide the best available data and market insights at a time when change and disruption are accelerating,” comments Amy Zupon, CEO, Vertafore. “Vertafore’s comprehensive and flexible technology platform, combined with the market-leading solutions from RiskMatch, provide the insurance industry with the innovative tools needed to maximize efficiency and profitably navigate a changing environment.”
Highly Impactful for Customers
“We are thrilled to be joining forces with Vertafore to provide leading edge solutions that help brokers and carriers effectively mine big data to better understand and more quickly respond to the changing needs of their customers,” comments Syed. “This combination will be highly impactful for customers as they have been asking for broader capabilities directly related to analytics, insights, and ease of use.”