MSB, a provider of building cost data and estimating technology to property/casualty insurers and software provider Vertafore yesterday announced that they have entered into a partnership agreement to provide Vertafore’s PL Rating clients with seamless integration of pre-filled property data using MSB’s Residential Component Technology (RCT). The system is designed to enable real-time, once-and-done, "Insurance To Value" (ITV) processing by accessing multiple carrier sites simultaneously where the agent is licensed by the carrier(s). This improves speed and workflow efficiencies for agents, the companies say.
With this solution, MSB will first pre-fill building characteristics and other information needed for completion of homeowners insurance applications using its InterChangetm (IC) service. Then, using MSB’s new Grand Central Express (GCX) Web-hosted network, estimate requests will be simultaneously routed to the appropriate MSB Web-hosted sites (RCT Express sites) for that agent.
“MSB is committed to solving some of the biggest challenges facing agents writing homeowners business in the marketplace today, says Jerry Fox, MSB's VP agency operations. "With IC and GCX, the ITV process is truly a real-time, multi-carrier transaction. By combining Vertafore’s PL Ratingtm and MSB’s Grand Central Expresstm services, the partnership enhances the multi-company comparative rating process. The agent will get accurate rates quickly so they can do their job of recommending product to clients instead of inputting data multiple times.”
Agents also can simultaneously complete estimates of replacement cost from the appropriate carriers represented within MSB’s RCT Express service. Immediate transfer to the relevant carriers’ RCT Express sites also means instant calculation of those carriers’ valuation processes within the PL Rating workflow, the company says. In turn, agents can reduce turnaround time while increasing the accuracy of the homeowners quoting process. This approach should eliminate agents’ current, multiple data entry process, and create a true once-and-done environment for ITV.
“We’ve been partnering with MSB for many years, and as we’ve seen the exponential growth and the adoption of pre-fill data by our clients on the auto side, this new agreement adds tremendous value to our customers for homeowners work flow enabling a much more seamless interview process,” said Dave Acker, VP, rating and connectivity at Vertafore. “Combining this with the carrier base of RCT ExpressLynctm customers and their ability to receive the ITV data from its agents reduces the quote to issue time for all participants.”
Register or login for access to this item and much more
All Digital Insurance content is archived after seven days.
Community members receive:
- All recent and archived articles
- Conference offers and updates
- A full menu of enewsletter options
- Web seminars, white papers, ebooks
Already have an account? Log In
Don't have an account? Register for Free Unlimited Access