(PRWEB) October 02, 2013
Vertafore (http://www.vertafore.com), the leading provider of software that transforms the business of insurance, today announced Producer Sales Authorizations in Producer Manager, which uses producer credentials to help insurers determine if a producer holds the required credentials to sell their products. Producer Manager is an automated solution for just-in-time producer sales authorizations, supplying actionable insight into producer status to improve time-to-market while lowering costs and compliance risk.
In an April 2013 survey of insurance professionals conducted by Vertafore regarding producer lifecycle management, nearly 65 percent of respondents said new business had been delayed due to authorization gaps.
A centralized rules engine ensures that policies are being followed consistently, and is easier to use by underwriting techs that often are not familiar with licensing and related producer sales authorization compliance issues and requirements. For carriers wanting to know if a producer is authorized to sell, the solution can automatically turn a “no” answer into “yes” so that business is not interrupted while waiting for manual appointment processing. This is the ideal solution for carriers seeking to implement a just-in-time appointment process. For agencies, it delivers visibility into sales agent activity so that the licensing department can be proactive about solving issues.
Producer sales authorization management and verification in Producer Manager delivers the following critical business needs to help agencies and carriers continue along the path of growth:
- Reduce quote-to-issuance cycle time
- Execute complex regulatory rules consistently
- Validate producer authorizations at the time of key sales events (quote, new business submission, policy issuance)
- Be proactive about producer lifecycle management by getting insight into sales agent activity
“Managing producer sales authorizations is a critical requirement in the business of insurance. Without it, the risk of compliance fines increase, growth can stall due to reputation issues and operational bottlenecks, and more importantly insurance issuance can be delayed negatively affecting customer satisfaction,” said Tim Owen, vice president of product management at Vertafore. “Vertafore delivers one of the most complete processes and technology packages to ensure agencies and carriers remain compliant and are well positioned for the future.”
Vertafore delivers software and services that transform the business of insurance. Unique to the industry, more than 20,000 customers rely on Vertafore to provide integrated technology that connects the entire industry with the most complete source of solutions—agency management, rating and connectivity, content management and workflow, information solutions and producer lifecycle management—so their businesses run better and are more profitable. For more information about Vertafore, please visit http://www.vertafore.com.
© 2013 Vertafore Inc., Vertafore and other trademarks are trademarks of Vertafore and its subsidiaries. All rights reserved.
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