Recognizing the value of the distribution network as the keystone to insurers mandate for organic growth, Vertafore, a provider of software and services to the insurance industry, is expanding its technology offerings. Adding to its lineup of channel management products, Vertafore plans to release PolicyIssuance, a new product that shortens the MGA’s policy-issuance cycle time, and limits errors and omissions (E&O) exposure by auto-filling data directly from their agency management system to the appropriate and current E & S carrier forms. PolicyIssuance will be available in Q3 2010.
Vertafore has been in acquisition mode for more than two years, adding companies and associated products that fuel the distribution network.
“By providing complete, correct and current information directly from MGAs’ management systems to the E & S carriers’ forms, PolicyIssuance helps MGAs produce policies in hours, instead of days,” said Matt McKernan, Vertafore’s president of carrier and MGA markets.
In the typical policy-issuance workflow, MGA policy processors have to re-key customer data from their management system into policy DEC and endorsement forms from the individual carriers. Even where integration points exist between current management systems and issuance systems, the mapping set-up is extremely tedious, imperfect and time-consuming.
With Vertafore PolicyIssuance, data is extracted from the agency management system; the software analyzes the data based on an underwriting rules engine. If additional information is required, PolicyIssuance immediately transmits a request back to the management system. Once all the mandatory data is complete, PolicyIssuance automatically selects the required policy forms and pre-fills data into form sets, totally eliminating the re-keying of data.
“Vertafore has a great opportunity in the policy issuance arena to produce something new and fresh, using the latest technologies available,” said Mike Roy, CIO of CRC Insurance Services Inc. “From what we’ve seen so far, this could save us and our carriers a tremendous amount of time, money and resources.”
In the past two years, Vertafore has acquired ImageRight, a document management company, AMS, an agency management systems company and Sircon, a producer management and credentialing company. Forrester recognized Sircon in its December 2009 Hot Insurance Tech Companies to Watch, and in a March 2010 report, noted Sircon among nine emerging insurance technologies companies.
PolicyIssuance will be available in Q3 2010.
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