In an industry first, Vertafore delivers policy binding in PL Rating

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Apr 03, 2024, 07:30 ET

The leading personal lines comparative rater for independent agencies is first to quote, bind and issue policies all within a single platform

DENVER, April 3, 2024 /PRNewswire/ -- Vertafore^®, the leader in modern insurance technology, today announced it has launched the industry's first bind capability within a personal lines rater. Agencies using PL Rating™, the independent insurance channels' top personal lines rating and quoting solution, can quickly find and bind the right coverage for their clients—all within a single platform.

Independent agents have long relied on PL Rating for accurate, real-time coverage quotes for their clients. In 2023 the platform processed 150 million rating transactions, connecting agencies and carriers in real time.

Now, with participating carriers, agents can bind and issue policies directly in PL Rating. Agents will select a participating carrier to generate a verified, real-time rate—including additional report ordering and underwriting edits—and then issue the policy, providing down payment via the carrier's payment processing method of choice.

For agencies, Vertafore's latest innovation translates into a simplified and faster workflow for quoting coverage, empowering them to close more business faster while delivering a great client experience. Participating carriers will be able to meet their agency partners where they are working while accelerating delivery of their insurance products to the marketplace.

New bind capabilities in PL Rating advances insurance distribution

"For an independent agent, the ability to close a sale in real-time and within a single system, is crucial," said Keith Savino, Principal, Managing Partner, PCF Insurance Services. "I'm thrilled to see Vertafore's unwavering determination to bring this to life so agents can save time while getting their clients the coverage they need through PL Rating. There have been a lot of people involved in this effort, and I'm ecstatic to see this all-in-one dream become a reality, ushering in a new era of digital advancements for the insurance industry."

Vertafore launched PL Rating's bind capabilities with Acuity Insurance, a top P&C carrier that partners with nearly 1,000 independent agencies around the U.S. Acuity Insurance served as a design partner for the project, working alongside Vertafore's insurance experts to deliver functionality built by people who know and understand the needs of agencies and carriers.

"Acuity understands how important it is to make it easy for agents to do business with us by seamlessly connecting our digital capabilities with systems agents already depend on. Our latest integration with Vertafore demonstrates our commitment to supporting agency connectivity and maximizing efficiency for our agency partners," said Melissa Winter, Acuity President.

"In the current hard market conditions, carriers and independent agencies rely on PL Rating more than ever to connect with one another," said Jess Butler, VP of product management at Vertafore. "The bind capabilities in PL Rating further strengthen that connection, making it faster and simpler for agencies and carriers to place risks, grow their businesses and serve the needs of their personal-lines clients."

Vertafore announced and demonstrated PL Rating's bind feature at Vertafore's user conference, happening now through April 4, 2024, in New Orleans. Accelerate, powered by NetVU, is the industry's first and longest running InsurTech conference, bringing together thousands of insurance professionals, technology experts, industry leaders.

About Vertafore

As North America's InsurTech leader for 55 years, Vertafore is modernizing and simplifying the insurance life cycle so that our customers can focus on what matters most. Vertafore's solutions provide end-to-end connectivity across the distribution channel, improve the client and agent experience, unlock the power of data, and streamline essential workflows to drive efficiency, productivity, and profitability for independent agencies, MGAs and carriers. For more information about Vertafore, visit www.vertafore.com.

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SOURCE Vertafore, Inc.