AmTrust Financial joins Vertafore’s initiative to transform commercial insurance
As part of their initiative to improve market connectivity across the insurance distribution channel, today Vertafore announced the successful first release of its Commercial Submissions™ platform to its carrier and agency design partners on the project.
Vertafore’s Commercial Submissions is the industry’s first InsurTech solution that truly connects the end-insured, agents and carriers for real-time quoting and binding on commercial policies across all sizes and business types. Through live collaboration capabilities and real-time data exchanges, Commercial Submissions solves one of the industry’s most enduring pain points: the labor-intensive, repetitive and time-consuming process of quoting and securing coverage for commercial insurance needs.
“We are so excited to provide our customers with a smarter way to process their commercial submissions in a way that benefits the entire distribution channel,” said Vertafore CEO Amy Zupon. “With Commercial Submissions, insureds can expect a better experience with faster, easier access to the right commercial coverage. Independent agents can close more business, increase profitability and free up bandwidth to advise their clients. And carriers can deliver more of their products and be a partner of choice to their agencies.”
Carrier partner leads with real-time quoting and binding
Commercial Submissions carrier design partner, AmTrust Financial has been working with Vertafore to develop the solution and help build out the connectivity architecture that enables real-time connection between agents and underwriters. As a top writer in the market, AmTrust went live on Commercial Submissions in early September for workers’ compensation. Agencies can use Commercial Submissions to submit and receive an AmTrust quote within seconds and use the carrier’s site to quickly bind the policy.
“AmTrust’s partnership with Vertafore is another exciting step in our commitment to innovation and our dedication to deliver a true digital experience to our agents,” said Chris Foy, EVP & Head of North American Commercial for AmTrust.
Solution generates industry buzz
Vertafore’s progress on the solution follows on the previews of Commercial Submissions it presented during the Summer of Accelerate, powered by NetVU. More than 15,000 session registrants from independent agencies and the carrier community participated in the virtual event and the news around Commercial Submissions was one of the hottest topics.
Vertafore carrier design partners will continue to add lines of business to the platform leading up to the general availability of Commercial Submissions later this year. In addition to Vertafore’s design partners, dozens of agencies have asked to join on early adopters.
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