Posted on 26 May 2010
Sword AgencyPort (a Sword Group company), the leading provider of web-based, product distribution
solutions to the property and casualty insurance industry, announced at the ACORD/LOMA Conference in Las Vegas that its award-winning BookSmart solution for automated book rolling and risk analysis has been re-architected to support commercial lines of business, beginning with admitted market commercial auto in all fifty U.S. states.
First introduced to the market in 2007, BookSmart® reduces the manual effort and high costs that impeded carriers from capitalizing on book transfers opportunities. Previously carriers had to process each risk individually, typically through its point of sale web portal with enormous re-
keying of data leading to unnecessary cost and high error rates.
“For carriers, BookSmart® has proven successful in reducing data entry time by 75% and seeing the cost of handling book rolls lowered to a few dollars per policy, which for a carrier handling 3,000 book rolls per year can mean a savings of $60,000 per year,” said Mason Power, VP of Product and Market Strategy for Sword AgencyPort. “BookSmart® has demonstrated quick return on investment and we are pleased to now offer the same benefits to carriers writing commercial lines.” BookSmart® normalizes book of business data from independent agents, automatically running bulk policy data through the carriers’ underwriting rules and rating engines using the ACORD standards. Instead of manual effort being spent on re-keying of policy data, human effort is focused on using BookSmart’s advanced reporting and data manipulation tools to more quickly determine which risks are suitable. The result is a significant increase in independent agent satisfaction with carriers using BookSmart®.
About Sword AgencyPort
Sword AgencyPort (www.sword-insurance.com) is the leading provider of web-based solutions designed specifically for property and casualty insurers. Our agency portal and interface products make it easy for agents to transact business, enhance the underwriting process and extend
the life of carrier's existing policy administration systems. The result is a signifi cant increase in process efficiency for both carriers and agents. The company was founded in 2000 and is headquartered in Boston, MA. In November 2009 AgencyPort was acquired by Sword Group (www.