Contract Marks First Addition of London Syndicate to Vertafore’s PolicyIssuance Customer Base
Jul 27, 2011
Bothell, Wash. – July 27, 2011 – Vertafore (http://www.vertafore.com), the leading provider of insurance distribution channel solutions, today announced that Omega Insurance Holdings Limited (Omega Group) will license Vertafore PolicyIssuance for operations in both the U.S. excess and specialty (E&S) market and the U.K. market in an effort to provide its agents with a cost effective solution that shortens the policy issuance cycle time while reducing errors and omissions (E&O) exposure.
“We are delighted to have licensed Vertafore’s PolicyIssuance product,” said Wayne Bates, president of Omega US. “This will allow our general agent partners to access a solution we believe will increase efficiencies in their policy issuance process. It will also allow us to better manage and distribute form libraries.”
Omega Group, an international insurance and reinsurance group listed on the London Stock Exchange (LSE) and domiciled in Bermuda, selected PolicyIssuance to provide real-time risk data information for its U.S. and U.K. operations and to provide coverholders and general agents (GAs) access to the Omega Group policy forms library for quoting and policy issuance via integration with the GAs’ agency management systems. PolicyIssuance eliminates policy form library maintenance for the GA since libraries can now be updated on a real-time basis by E&S carriers, syndicates and London brokers. Web-based and built to ACORD XML standards, PolicyIssuance provides an efficient process for GAs to issue policies, virtually eliminating redundant keystrokes.
“Policy issuance can be a major headache for our coverholders,” said Steve Hart, non-marine underwriter for Omega UK. “The London/Lloyd’s Market traditionally has not focused on assisting coverholders with this vital process. This is a major step forward for the Syndicate, which will position it at the forefront of the E&S industry, and in particular the London/Lloyd’s Market in this regard. It is our goal to provide our coverholders with the best products and underwriting tools to allow them to place solid profitable business with us in the most efficient and time-saving manner for all parties involved.”
“We are excited to add Omega Group to our growing Vertafore PolicyIssuance customer base,” said Patrick McCall, vice president at Vertafore. “Omega Group clearly understands the value proposition that PolicyIssuance provides to their business. Through PolicyIssuance, Omega Group has created an easier, more efficient process for its coverholders to issue policies, as well as providing access to real-time risk data reports. From a London Syndicate perspective, Omega UK has clearly raised the bar as a provider of valued services and solutions to the U.S. coverholder market.”
For more information about PolicyIssuance, please visit the Vertafore website at http://www.vertafore.com/All-Products/PolicyIssuance, or contact Patrick McCall at pmccall@vertafore.com or 570.645.5050.
About Omega Insurance Holdings Limited (Omega Group)
Omega Insurance Holdings Limited (Omega Group) is an international insurance and reinsurance group domiciled in Bermuda with operations in Bermuda, Chicago, London and Cologne. Omega Group has a proven underwriting track record, predominantly in short-tail, property-oriented classes. By focusing on a diversified portfolio of small and medium-sized insured and reinsurance cedants, Omega Group is able to develop long-standing relationships, prudently manage underwriting risk across the cycle, and deliver consistent returns to shareholders. For more information about Omega Group, please visit www.omegauw.com.
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.
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Media Contacts:
Kellen Davison
Vertafore
kdavison@vertafore.com
(425) 354-6819