Standards enable MGAs to reduce data entry and make their systems more efficient
May 24, 2010
BOTHELL, Wash. – May 24, 2010
– Vertafore® (http://www.vertafore.com), a leading provider of software and information to the insurance industry, today announced that it will adopt the ACORD XML standards into its PolicyIssuance solution for managing general agents (MGAs). As one of the first excess and surplus (E&S) products on the market to incorporate these standards, PolicyIssuance provides an efficient process for issuing policies, virtually eliminating redundant keystrokes.
Traditionally, the E&S lines market has relied on varying formats for sending and receiving policy information. By utilizing the ACORD standards, MGA management systems (including proprietary systems) can integrate with PolicyIssuance by using a standard XML format. Likewise, E&S carriers can retrieve policy data in real time from PolicyIssuance in the same consistent and accurate format.
“Standards are a critical part of our industry, and MGAs are looking more and more at how they can incorporate these standards to reduce data entry and make their systems more efficient,” said Harry Snyder, vice president of development at Vertafore. “We believe that the ACORD XML standards will play a major role in the E&S marketplace, and we are confident that adopting these standards is the right approach for the exchange of data between third-party applications and PolicyIssuance.”
PolicyIssuance, which will be available in Q3 2010, drastically reduces the time it takes for MGAs to issue a policy by auto-filling data directly from agency management systems to the appropriate E&S carrier forms.
About Vertafore
Vertafore delivers software and services that transform the business of insurance. Unique to the industry, more than 20,000 customers rely on Vertafore to provide integrated technology that connects the entire industry with the most complete source of solutions—agency management, rating and connectivity, content management and workflow, information solutions and producer lifecycle management—so their businesses run better and are more profitable. For more information about Vertafore, please visit www.vertafore.com.
###
Media Contacts:
Kellen Davison
Vertafore
kdavison@vertafore.com
(425) 354-6819