BOTHELL, Wash., April 25, 2017 /PRNewswire/ -- Vertafore, the leader in modern insurance technology, today announced the acquisition of RiskMatch, a business intelligence and analytics company that provides industry-leading portfolio management and placement solutions to insurance brokers and carriers. RiskMatch will operate as a separate business unit within Vertafore and Founder and CEO Kabir Syed will join the Vertafore Executive Team.
Founded in 2013 and headquartered in Greenwich, Connecticut, RiskMatch delivers web-based solutions for insurance intermediaries and underwriting partners throughout the U.S. Its patented platform provides an array 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.
Leveraging its vast network of over 25,000 agencies and 1,000 carriers, Vertafore will now be able to provide the most comprehensive set of internal and external benchmarks, along with in-depth reporting. This will allow brokers and insurers to better understand their book of business and relationships across the insurance distribution chain, the company said.
"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," said Amy Zupon, Chief Executive Officer, 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."
"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," said Syed, who has deep industry expertise built over 25 years working in insurance and related financial services ."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."
Financial terms of the transaction were not disclosed.
Vertafore's comprehensive insurance management software solutions lead brokers and carriers to adapt to an evolving insurance industry to efficiently scale their businesses through deeper access to information and insights. The Vertafore product line is built on a platform, empowering customers and other solution providers to adapt and thrive as the market changes. Vertafore's platform features fast innovation, partnerships with the best technology companies, and customizable solutions to help companies remain independent during a time of industry disruption. As the leader in modern insurance technology with the largest customer base in the industry, Vertafore connects every point of the distribution channel, from agencies and carriers to MGAs, MGUs, and state governments. For more information about Vertafore, visit www.vertafore.com/, read the company's blog, and follow the company on Twitter, Linkedin, and Facebook.
RiskMatch is a business intelligence and analytics company that delivers a suite of web-based solutions for insurance brokers and underwriters throughout the U.S. Its patented platform delivers an array of portfolio management, analytic and data management services designed to enable brokers and underwriters to enhance performance, reduce costs, facilitate growth, and improve their client service capabilities. For more information, visit http://riskmatch.com/.