Vertafore, a provider of software and services to the insurance industry, has announced the release of PolicyIssuance. It is a new product that
shortens the policy-issuance cycle time for MGAs and limits E&O exposure by auto-filling data directly from their agency management system to the appropriate and current E & S carrier forms. PolicyIssuance will be available in the third quarter of this year.
“By providing complete, correct, and current information directly from the MGAs’ management systems to the E&S carriers’ forms, PolicyIssuance helps MGAs produce policies in hours, instead of days,” says Matt McKernan, Vertafore’s president of carrier and MGA markets. “The solution virtually eliminates form library maintenance. Libraries now can be updated on a real-time basis for the MGA via the E&S carriers.”
In the typical policy-issuance workflow, MGA policy processors have to rekey customer data from their management system into policy DEC and endorsement forms from the individual carriers. Even where integration points exist between current management systems and issuance systems, the mapping set-up is tedious, imperfect, and time-consuming.
With Vertafore PolicyIssuance, data is extracted from the agency management system; the software analyzes the data based on an underwriting rules engine. If additional information is required, PolicyIssuance transmits a request back to the management system. Once all the mandatory data is complete, PolicyIssuance selects the required policy forms and prefills data into form sets, eliminating the rekeying of data.