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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.”

Vertafore analysts used this tool to source new research on independent agency retention and published their findings in a new whitepaper.

Researchers found that nearly 48% of independent insurance agencies are losing between 15–20% of their policy renewals every year.

In order to combat that drop-off, Vertafore believes agencies need to strengthen their analytics strategies by using descriptive, diagnostic and predictive analytics together “to glean actionable insights to increase customer retention.”

Please enjoy the full article below;