In the world of data analytics, it has become increasingly difficult to keep on top of changes happening to small businesses. To solve this problem, a technology company based in London has just launched a solution that aims to simplify the tracking of changes. The solution is called “Renew”, and it is a real-time business tracking software from Digital Fineprint (DFP).
Small and growing businesses have a dynamic risk profile and their insurance needs can change dramatically year on year. The insurance industry exists in order to help these companies manage their risks and claims for losses when things go wrong. Therefore, the industry needs technologies that can provide new ways of getting better advice to SMEs and helping to manage their risk.
To this end, Digital Fineprint has just launched Renew, a relationship management component of their DFP Risk Atlas suite. With the new product, insurers can track changes during the previous 12 months, and alerting the user to any notable changes that could impact pricing or risk selection. Thus, they know exactly where they should focus their efforts to improve retention, up-sell and cross-sell. This is also great news for SMEs, who will now more easily avoid underinsurance. In addition, good risk management leads to lower rates of claims which, in turn, can lead to lower costs and premiums.
Vincent Chan, Engineering Lead at Digital Fineprint comments: “The DFP team is pleased to be able to launch Renew and overcome the challenge of hooking in all the data sources and coming up with the performance system that can automatically find and enrich business data based on imports. These capabilities can become an important piece in client relationships and retention”.
Erik Abrahamsson, CEO of Digital Fineprint, says: “Having been named “best global InsurTech”, our focus has now shifted to improving our data asset. Adding the functionality to track business changes has been requested by several of our enterprise customers, and we are extremely happy with the initial feedback on Renew.”
Interested to know more about Renew? Download Renew One-Pager