Based in St. John’s, ClearRisk helps those selling insurance “increase revenues, improve margins and add value to customers." The app, Deductibles, is designed to help insurance companies and brokers determine the best combination of deductible and premium, in order to minimize their cost of risk.
What this means to the rest of us is that insurance agents can now punch in their deductible and premium values, and using your past claims, determine which cost/coverage is best for your business.
Think of it like car insurance: you may pay for the lowest deductible, but if you never get in an accident, you’re losing money. This app will look at your history and tell you what you can afford to pay.
“I have needed a tool like this for years and it didn't exist, so we built it. We want to make it easier for brokers to help their clients and insurance buyers to manage their risk,” said Craig Rowe, CEO of ClearRisk.
The app is beneficial to both insurance agents, and customers. Insurance agents are able to clearly convey why some terms are better than others, while the customer gets transparency.