PriyaPatel
TLDR:
Key Points:
- Vertafore launched industry’s first bind capability within a personal lines rater, enabling agencies to quickly find and bind coverage.
- Amwins launched an online marketplace, Amwins IQ, providing bindable quotes from multiple carriers within minutes.
Tech Update: Vertafore Delivers Policy Binding in its Personal Lines Rater; Amwins’ Online Marketplace Provides Bindable Quotes From Multiple Carriers
Vertafore launched the industry’s first bind capability within a personal lines rater, allowing independent agencies to quickly find and bind the right coverage for their clients. This new feature simplifies and speeds up the workflow for quoting coverage for agencies and allows carriers to meet their agency partners where they are working. Amwins, on the other hand, introduced an online marketplace, Amwins IQ, that provides bindable quotes from multiple carriers within minutes. Retailers can quote and compare multiple markets, gaining access to A-rated carriers while benefitting from the expertise of Amwins specialists.
Vertafore’s PL Rating platform processed 150 million rating transactions in 2023, connecting agencies and carriers in real-time. Their bind capabilities were launched with Acuity Insurance, while Amwins IQ marketplace offers homeowners, dwelling, condo, and wind coverage, with plans to offer flood coverage soon. The new technology also offers multiline quoting on personal lines coverage, including cyber liability, E&O, directors and officers, and more.
