Vertafore Unveils Latest Innovation in Market Connectivity
While commercial lines account for nearly half of all P&C premiums written in the U.S., the process of securing business insurance hasn’t kept pace with the modern consumer experience for personal lines. For independent insurance agents, quoting commercial coverage is labor-intensive, repetitive and time-consuming. Business insurance clients face long waits and limited choices for coverage. And insurers can lose out on opportunities to compete to cover a client’s risks, until now.
Industry-leading solution for commercial lines quoting
Commercial Submissions delivers a game-changing experience for commercial quotes. It is the only solution that automates and simplifies commercial quoting throughout the entire insurance lifecycle by:
- Prefilling information from Vertafore agency management systems and third-party sources to reduce redundant, manual data entry.
- Connecting agencies and carriers in real-time, allowing the exchange of structured data and real-time quoting.
- Enabling real-time digital collaboration with clients to complete applications quickly and accurately.
As a result, agencies can get quotes from multiple carriers in the same time it typically takes to get one—enabling them to provide clients with faster service and more coverage choices. Early adopters reported a 50% reduction in the time it takes to submit business. Carriers on the platform also benefit with more opportunities to put their business insurance products in front of clients.
“Commercial Submissions has streamlined our processes and cut down our quoting time significantly,” said Rebecca Ricciardi, vice principal of sales and operations at Satanoff Insurance and an early adopter. “The faster time to quote not only makes for a better customer experience, but it allows us to put more time to growing our business!”
Modernizing the user experience with intuitive design
With its modern UX and intuitive design, Commercial Submissions represents Vertafore’s industry-leading efforts to deliver InsurTech that is user-centric, innovative and inclusive.
Users at independent agencies and carriers want easy-to-use technology that streamlines their daily workflows. Commercial Submissions was designed with these needs in mind by creating a seamless experience that enables agencies to access carrier information within their existing workflows. The solution also reflects inclusive design principles that eliminate user barriers, improve accessibility and overcome situational challenges that impede user productivity.
“Our purpose at Vertafore is to simplify and automate the insurance lifecycle so that our customers can focus on what matters to them most,” said James Thom, chief product officer at Vertafore. “Commercial Submissions truly hits that mark. This is technology that better connects the entire insurance distribution channel, enabling carriers and independent agencies to work better together to meet the needs of modern commercial insurance clients.”
Validation from agencies and tech evaluators
More than 100 agencies have signed on to use Commercial Submissions through early adopter and early access programs. The solution’s value has also received recognition for its innovative approach with a 2021 Best B2B Product nod from the Golden Bridge Awards and a finalist placement for Best SaaS Newcomer from the 2021 SaaS Awards.
As part of its commitment to improve market connectivity between independent agencies and insurers, Vertafore announced that Commercial Submissions will be available to its customers at no charge through September 30, 2022.
The company unveiled Commercial Submissions and its latest innovations in market connectivity at Accelerate, the annual Vertafore user conference hosted by the Network of Vertafore Users (NetVU). Accelerate is the industry’s first and longest running InsurTech conference, and continues through March 31 in Denver, Colorado.