MSB and Vertafore have entered into a partnership agreement to provide Vertafore's PL Rating clients with integration of pre-filled property data using MSB's Residential Component Technology (RCT).
MSB said that the system enables real-time, once and done, insurance to value (ITV) processing by accessing multiple carrier sites simultaneously where agent is licensed by carrier, this enhances speed and workflow efficiencies for agents.
The company said that with the new solution, it will first pre-fill building characteristics and other information needed for completion of homeowners insurance applications using its InterChange (IC) service. Then, using company’s new grand central express (GCX) web-hosted network, estimate requests will be simultaneously routed to appropriate MSB web-hosted sites (RCT Express sites) for that agent.
According to MSB, agents will then complete estimates of replacement cost from appropriate carriers represented within the company’s RCT Express service. The immediate transfer to relevant carriers’ RCT Express sites means instant calculation of those carriers’ valuation processes within PL rating workflow.
In addition, agents will then reduce turn-around time while increasing accuracy of homeowners quoting process. This approach is expected to eliminate agents’ current, multiple data entry process and create a true once and done environment for ITV.
Jerry Fox, VP of agency operations, said: “By combining Vertafore’s PL Rating and MSB’s Grand Central Express services, the partnership enhances the multi-company comparative rating process. The agent will get accurate rates quickly so they can do their job of recommending products to clients instead of inputting data multiple times.”