Vertafore Delivers Policy Binding in PL Rating

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

(Image credit: Rosie Kerr.)

Vertafore (Denver), a provider of distribution-related technology solutions, announced that it has launched the industry’s first bind capability within a personal lines rater. Agencies using PL Rating, the independent insurance channel’s top personal lines rating and quoting solution, can quickly find and bind the right coverage for their clients—all within a single platform, the vendor says. Vertafore announced and demonstrated PL Rating’s bind feature at Vertafore’s user conference, held through April 4, 2024, in New Orleans.

Melissa Winter, President, Acuity.

During 2023, PL Rating 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, Vertafore reports. 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 says its 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 

Keith Savino, Principal, Managing Partner, PCF Insurance Services.

“For an independent agent, the ability to close a sale in real-time and within a single system, is crucial,” comments 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 (Sheboygan, Wisc.), a super regional 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.

Jess Butler, VP, Product Management, Vertafore.

“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,” comments Melissa Winter, President, Acuity. “Our latest integration with Vertafore demonstrates our commitment to supporting agency connectivity and maximizing efficiency for our agency partners.”

“In the current hard market conditions, carriers and independent agencies rely on PL Rating more than ever to connect with one another,” says Jess Butler, VP, product management, 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.”

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Anthony R. O’Donnell // Anthony O'Donnell is Executive Editor of Insurance Innovation Reporter. For nearly two decades, he has been an observer and commentator on the use of information technology in the insurance industry, following industry trends and writing about the use of IT across all sectors of the insurance industry. He can be reached at AnthODonnell@IIReporter.com or (503) 936-2803.

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