AgencyPort Insurance Services, a provider of Web-based solutions for property/casualty insurers, announced it will release its new product, BookSmart, an automated solution for processing book of business transfers, in July.
A common workflow between carriers and agents, the book of business transfer has hobbled the insurance industry for years, according to AgencyPort. The manual effort, high associated costs, and technical challenges involved have prevented companies from processing transfers efficiently and have hampered their ability to capitalize on book transfer opportunities in the marketplace.
BookSmart gives carriers’ marketing, underwriting, and IT teams more control and intelligence within the transfer process, allowing them to take full advantage of book transfer opportunities as they arise. The product’s reporting capability enables carriers to run analytics against an entire book, not just a small sample set of manually entered policies as in the past, says the company.