Vertafore Increases Productivity and Profitability for Independent Agencies with Advances to Market-Leading Rating Products
Bothell, WA. – May 20, 2015 – Vertafore, the leading provider of software that transforms the business of insurance, today announced world-class updates to their flagship comparative rating systems, PL Rating™ and FSC Rater®. Improvements include online quote storage for California agents and the ability to bundle personal line quotes for agents nationwide.
PL Rating’s new streamlined package enables agents nationwide to quote combined auto and home lines of business, without re-keying data. This new workflow allows agencies to quote more efficiently by viewing carrier results and quote proposals for both lines of business on the same screen, giving them an advantage over competitors.
“The PL Rating solution has saved our agency five full-time employees versus quoting directly on each carrier web site,” said Mike Foy, owner of Foy Insurance. “PL Rating allows us to provide what our customers expect from an independent insurance agency: that is choice of carriers and the value proposition of price, products, and processes. What makes it easy is key data is validated, some data is automatically captured for us via third-party sources, and the process is smooth.”
FSC’s new quotes in the cloud feature will allow California agencies to migrate and manage quotes from the FSC Rater solution into the Vertafore data center. This feature enables remote access to quotes, making sales possible anytime and anywhere. Quotes in the cloud provides agents with unlimited storage and includes enhanced and customizable reporting capabilities. On-the-go agents benefit from the time and cost savings of remote access, and are able to eliminate the burden of IT maintenance, such as backup, storage, or database encryption and security.
“After adopting quotes in the cloud, we realized how much time was wasted searching and managing quotes,” said Jessica Stewart at ISU Insurance Services- Armac Agency. “The ability to access all of our agents’ quotes, and organize based on various parameters, has helped drastically increase agency productivity and free up time to focus on business development.”
In today’s landscape, carriers aggressively compete on insurance quotes and pricing, training consumers to make cost their primary driver for purchase which reduces the impact of quality from independent agencies. As a result, a recent McKinsey study found that comparative-rater tools are a critical selling tool for agents as they’re able to compile, compare, and present a range of quotes on the fly.
“As market leader in California, FSC Rater is a result of the depth and breadth of our carrier connections with the power of technology and PL Rating showcases our ability to streamline smart insurance processes,” said Dave Bevan, Director of Product Management for Rating and Connectivity at Vertafore. “Early adopters of these releases have expressed numerous benefits, including better tracking and reporting of quotes, as well as increased production. It’s exciting to see these products help drive growth and operational efficiencies.”
About Vertafore Vertafore’s comprehensive insurance management software solutions lead brokers and carriers to adapt to an evolving insurance industry to efficiently scale their businesses through deeper access to information and insights. The Vertafore product line is built on a platform, empowering customers and other solution providers to adapt and thrive as the market changes. Vertafore’s platform features fast innovation, partnerships with the best technology companies, and customizable solutions to help companies remain independent during a time of industry disruption. As the leader in modern insurance technology with the largest customer base in the industry, Vertafore connects every point of the distribution channel, from agencies and carriers to MGAs, MGUs, and state governments. For more information about Vertafore, visit www.vertafore.com, read the company’s blog, and follow the company on Twitter, Linkedin, and Facebook.
About RiskMatch RiskMatch is a business intelligence and analytics company that delivers a suite of web-based solutions for insurance brokers and underwriters throughout the U.S. Its patented platform delivers an array of portfolio management, analytic and data management services designed to enable brokers and underwriters to enhance performance, reduce costs, facilitate growth, and improve their client service capabilities. For more information, visit the RiskMatch site.
Brian Brady Public Relations Manager, Vertafore +1 (720) 787-3114 firstname.lastname@example.org
Alex Stanton Stanton Public Relations & Marketing +1 (212) 780-0701 email@example.com