Tech Update: Vertafore Delivers Policy Binding in its Personal Lines Rater; Amwins’ Online Marketplace Provides Bindable Quotes From Multiple Carriers

Vertafore Delivers Policy Binding in Personal Lines Rater

Vertafore, headquartered in Denver, launched the industry’s first bind capability within a personal lines rater. Vertafore’s personal lines rating and quoting platform, PL Rating, enables independent agencies to quickly find and bind the right coverage for their clients.

Agents select a participating carrier to generate a verified, real-time rate—including additional report ordering and underwriting edits—and then issue the policy, providing down payment through the carrier’s payment processing method of choice.

Vertafore launched PL Rating’s bind capabilities with Acuity Insurance, which partners with nearly 1,000 independent agencies around the U.S. Acuity Insurance served as a design partner for the project, working alongside Vertafore’s insurance experts to deliver functionality built by people who know and understand the needs of agencies and carriers.

For agencies, this new feature means a simplified and faster workflow for quoting coverage. Participating carriers will be able to meet their agency partners where they are working while accelerating the delivery of their insurance products to the marketplace.

In 2023, PL Rating processed 150 million rating transactions, connecting agencies and carriers in real-time.

***

Amwins’ Online Marketplace Provides Bindable Quotes From Multiple Carriers

Amwins, headquartered in Charlotte, North Carolina, launched an online marketplace enabling access to firm, bindable quotes from multiple carriers within minutes.

With Amwins InstantQuote (Amwins IQ), retailers can quote and compare multiple markets, gaining quick access to A-rated carriers while retaining the opportunity to benefit from the support and expertise of Amwins specialists. Amwins IQ marketplace users can select from markets with pre-negotiated amendatory endorsements automatically added, which are well-suited for middle market and personal lines accounts.

The company’s digital technology leverages data for additional predictive insights, underwriting control and portfolio management. There is also a built-in referral system that enables manual underwriting.

Amwins IQ marketplace provides homeowners, dwelling, condo and wind coverage, with flood coverage to be offered soon. Retailers can seamlessly transition between personal lines and professional lines offerings.

The new technology offers multiline quoting on personal lines coverage, including cyber liability, miscellaneous errors and omissions (E&O), directors and officers (private and non-profit), employment practices liability and tech E&O with cyber. Crime, fiduciary and registered investment advisers are expected to launch soon.

Topics InsurTech Tech