Vertafore Announces General Availability of Commercial Submissions
(Image credit: Tyler Franta/Unsplash.)
Vertafore (Denver), a provider of distribution-related insurance technology, has announced the general availability of its Commercial Submissions platform. The vendor says that Commercial Submissions will be available to its customers at no charge through September 30, 2022.
Though 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, according to a Vertafore statement. 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,” the statement says.
Vertafore asserts that Commercial Submissions addresses the laggard state of commercial lines quoting, as the only solution that automates and simplifies commercial quoting throughout the entire insurance lifecycle by providing the following capabilities, as described by the vendor:
- 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 of these capabilities, 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, Vertafore says. Early adopters of the vendor’s Commercial Submissions reported a 50 percent 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, Vertafore says.
“Commercial Submissions has streamlined our processes and cut down our quoting time significantly,” comments Rebecca Ricciardi, VP of sales and operations at Satanoff Insurance (Wayne, Pa.) 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
Vertafore pitches Commercial Submissions as demonstrating industry-leading efforts to deliver InsurTech that is user-centric, innovative and inclusive, owing to the solution’s modern UX and intuitive design.
“Users at independent agencies and carriers want easy-to-use technology that streamlines their daily workflows,” the Vertafore statement says. The vendor explains that 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,” comments James Thom, chief product officer, 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
Vertafore reports that more than 100 agencies have signed on to use Commercial Submissions through early adopter and early access programs. The solution 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.
CNA joins Vertafore’s Commercial Submissions Solution