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Forewarn partners with Central Illinois Board of REALTORS to promote Agent Safety

11 Nov Forewarn partners with Central Illinois Board of REALTORS to promote Agent Safety

Forewarn, Red Violet Company (NASDAQ: RDVT), a leading consumer insight solution provider, announced that it has entered into a partnership agreement with the Central Illinois Board of REALTORS®, to make its cutting-edge risk assessment and customer due diligence technology available to over 500+ REALTOR® members of the organization, with a view to ensure proactive real estate agent safety.

FOREWARN analyzes all possible information points for establishing and verifying customer identity, unearthing criminal histories and validating financial and asset information provide by clients, in order to mitigate risks with the help of just a phone number. The platform can be accessed both online and through a mobile application to find real-time information and handle customer interactions with confidence and assurance.

The Company is a subsidiary of Red Velvet Company, a premier data analytics firm, and is aiming to address the needs of an underserved market of real-estate agent security. The Company estimates that nearly 40 to 50 percent of inquiries are now received from unrepresented, unknown buyers who use information technology to shortlist target properties and contact the agent directly through online listing sites.

FORWARN equips its user with the ability to procure real-time information about prospective clients including criminal histories and financial information, in a fast and cost-efficient manner. The Company offers affordable monthly subscription fees to realtors and the results are populated almost instantaneously.

Red Violet Company (NASDAQ: RDVT)

Market Cap: $184.49M; Current Share Price: 16.00 USDChart
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Big Data Analytics is bringing about exciting new changes in numerous fields such as agriculture, manufacturing, retail and healthcare to name a few. The field of real estate stands to gain, from the application of meaningful insights provided by machine driven analysis of complex disparate data, available through various sources.

The implementation of machine learning and artificial intelligence is making skimming through large information sources even easier. The evolution of this technology enables companies to use this information for crucial decision-making involving stakeholders, employees and customers.

The emergence of multi-cloud based technologies results in use of improved computing mechanisms and more affordable storage. Emerging technology such as blockchain also validates the need and relevance of using data analytics for information processing and decision-making.

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FOREWARN is a part of RED VIOLET, a leading data analytics Company and a pioneer in creating risk management and investigative platforms. The Company was created to mitigate the risks associated with real-estate showings, and to bring in an element of security and proactive insights, to help real-estate agents and companies deal with prospective customers.

The Company uses advanced analytics to make sense of the vast information available through various sources and provides valuable, fast and cost-effective insights into the data. Its proprietary technology named CORE™ enables users to harness the power of data fusion by combing through a vast repository of disjointed data and information and coming up with meaningful inferences and insights about people, businesses and assets. The Company has an extensive database consisting of public-record, proprietary and publicly-available data.

The application of the technology can be extended to areas such as risk management, debt recovery, fraud prevention and detection and ensuring legal compliance. RED VIOLET also own IDI, which is an information solution provider for the risk management industry. Additionally it provides cloud-based, mission critical information to organizations in numerous industries.

A user can validate information such as address, financial risk indicators, assets, delinquencies and other important history through a reverse incoming call facility. In addition the platform can also verify current assets.

Risk Assessment

  • Data analytics market is constantly changing and evolving with the introduction of new technologies, which may make the current systems obsolete. Companies that deal with data need to constantly update and upgrade themselves to offer the latest technology, to cater to the evolving customer needs and offer better products when compared to competitors.
  • Forewarn’s technology is a game-changer in the real-estate industry, with the issues of safety and precaution being given utmost importance, to safeguard the interests of realtors and their employees. The biggest challenge is to create customer awareness and demonstrate sufficient proof for the viability and usefulness of their offerings.
  • The application of this technology can be extended to numerous other industries which rely on customer interactions and hence the Company can diversify its offerings to serve numerous other markets.
  • The Company is using a dual strategy by offering its product through not only individual monthly subscription packages, but also entering into collaborations and partnership agreements with real estate boards and organization with a large membership base nationwide. This will help the Company establish a wider customer base and also build a reputation and meaningful partnerships with organizations of repute.
  • Disclosure: I/we have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

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