Posted on 18 Jun 2012 by Neilson
Vertafore, a leading provider of software that transforms the insurance industry, today announced increased market share in the comparative rating market following the July 2011 acquisition of StoneRiver FSC through the expansion of Vertafore’s leading multi-carrier, real-time rating software, PL Rating.
With PL Rating, independent agencies can automatically incorporate information from multiple carriers so they can bind and issue a policy quickly and accurately. Vertafore is reporting the following key milestones with its proven PL Rating solution:
• Record high transactional growth. With more than four million transactions processed through Vertafore rating solutions in May 2012, independent agencies are finding value with this accurate, real-time technology to keep their businesses growing.
• Since January 2012, 260 new carrier state lines-of-business added. This increase of 18 percent in national and specialty carrier inventory will enable independent agencies to access more than 130 carriers to remain competitive in providing clients with multiple rate and coverage options quickly and accurately.
• Expanded access in five new states. Available in Q3 2012, independent agencies will have expanded access to effectively quote and sell policies via PL Rating in the 48 contiguous states with the addition of the following states and Washington D.C. : Idaho, Montana, North Dakota, South Dakota and Wyoming.
“While other platforms go out on a quote and come back with requests for additional information, PL Rating gets all of the necessary information up front, and then displays all the quotes in real-time. Eliminating that back-and-forth has cut my quoting time in half,” said Jim Wright, owner of Wright Insurance Agency. “Without this product, I would not be half as effective or productive as an agent.”
In addition to Wisconsin-based Wright Insurance Agency which migrated from FSC to PL Rating, other Vertafore customers have reported the following key benefits by using PL Rating:
• Saved 60 minutes per customer quote – CAI Insurance, Ohio
• Increased personal lines business by 50 percent in five months – Neal Truesdale Insurance, California
• Saved five full-time positions – Foy Insurance Group, New Hampshire
• Read more about Wright Insurance Agency’s success here - http://www.vertafore.com/~/media/Resource%20Library/Success%20Stories/WrightSuccessStoryv20512.ashx
“We are tracking well towards our mission of transforming the national comparative rating market for agencies and carriers enabling them to sell more insurance faster and easier,” said Dave Acker, vice president, Vertafore. “The immense impact our solutions continue to have is clear through the data and the voice of our customers. It is great to see how the PL Rating product has empowered our customers with the tools they need to grow their businesses.”
PL Rating has certified integration with all Vertafore management systems, as well as integration with Pipeline Manager and other major management systems in the industry. For more information on PL Rating, visit www.vertafore.com/All-Products/PL-Rating or contact Vertafore at 1-800-444-4813.
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.