This week, Vertafore^® announced the launch of its Commercial Submissions™ platform during the opening general session of Accelerate, the annual Vertafore user conference hosted by the Network of Vertafore Users (NetVU).

The platform gives independent agencies more options for quickly quoting coverage for their business clients, a process which has lagged behind the modern consumer experience for personal lines.

Commercial Submissions prefills information from Vertafore agency management systems and third-party sources to reduce redundant, manual data entry. It connects agencies and carriers in real time, allowing the exchange of structured data and real-time quoting.

As a result, agencies can get quotes from multiple carriers in the same amount of time it typically takes to get one—enabling them to provide clients with faster service and more coverage choices.

“Our purpose at Vertafore is to simplify and automate the insurance lifecycle so that our customers can focus on what matters to them most," said James Thom, chief product officer at Vertafore. “Commercial Submissions truly hits that mark. This is technology that better connects the entire insurance distribution channel, enabling carriers and independent agencies to work better together to meet the needs of modern commercial insurance clients."

More than 100 agencies have signed on to use Commercial Submissions through early adopter and early access programs.

Early adopters reported a 50% reduction in the time it takes to submit business. Carriers on the platform also benefit with more opportunities to put their business insurance products in front of clients. Among the two most recent carriers to join the platform are CNA and The Hanover.

“Commercial Submissions has streamlined our processes and cut down our quoting time significantly," said Rebecca Ricciardi, vice principal of sales and operations at Satanoff Insurance and an early adopter. “The faster time to quote not only makes for a better customer experience, but it allows us to put more time to growing our business!"

Olivia Overman is IA content editor.