New product eliminates keystrokes, reduces errors and omissions and drastically increases MGA efficiency
Mar 14, 2010
ORLANDO, Fla. (AAMGA Automation Conference) — March 14, 2010 — Vertafore (http://www.vertafore.com), a leading provider of software and services to the insurance industry, today announced 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.
“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. “The solution also virtually eliminates form library maintenance―libraries can now be updated on a real-time basis for the MGA via the E & S carriers.”
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.”
Product availability
PolicyIssuance will be available in Q3 2010. For more information on this product, please contact Vertafore at 800.444.4813.
About Vertafore
Vertafore is a leading provider of software and information to the insurance distribution channel including independent agents, brokers, MGAs, carriers and reinsurers. Vertafore leverages a unique industry presence to deliver meaningful solutions - powerful technology, critical information and robust insights to help organizations effectively respond to business challenges and capture new opportunities. Vertafore solutions have helped more than 17,000 customers and 500,000 users gain a competitive advantage to accelerate their business performance. 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