ORLANDO, Fla.--(BUSINESS WIRE)--Agencyport Software, a leading provider of software and services to the global insurance and reinsurance industries, today announced the immediate availability of AgencyPortal® 4.5, the latest version of its market-leading platform for insurance companies to offer self-service portals to their retail agents, brokers, MGAs and policyholders. Agencyport made the announcement at the 2012 ACORD-LOMA Insurance Systems Forum in Orlando, Florida.
Over thirty P&C insurance carriers currently use AgencyPortal® across personal, commercial, specialty and reinsurance lines of business in several countries including all 50 U.S. states. New usability features such as account management capabilities, predictive analytics and user history tracking are introduced in this release. Each feature is also configurable in the AgencyPortal® Toolkit.
AgencyPortal® 4.5 ships with an important new Account Management feature that carriers can enable in their agent portals for all lines of business. AgencyPortal® Account Management allows agents to quickly determine account eligibility for multiple lines of business based on the carrier appetite for the risk as well as whether or not a specific line is currently reserved. Common information on the agents’ accounts is used to pre-fill the quote data, saving keystrokes and time and incentivizing agents to quote multiple policies at a discounted premium. Account Management also allows carriers to respond to common agent requests for a single view of all in-force, quoted, and historical policies for all lines of business associated with a specific account.
“Agents request account-centric reporting and we’ve seen carriers customize some account management features over our 50+ AgencyPortal® projects. It tends to lead to better up-selling by agents so we’re happy to extend our lead in agent portal features by offering account management off-the-shelf,” said Mason Power, Head of Product Strategy and Marketing at Agencyport. “4.5 also drives a better user experience for agents and consumers and helps carriers use the AgencyPortal® Toolkit to build and maintain portals more quickly, saving them time and money.”
Companies writing workers compensation policies can now sign up via Agencyport to leverage risk scoring from InsureRight®, Valen’s market-leading predictive analytics. InsureRight® helps workers’ compensation underwriters make dramatic loss ratio improvements by driving systematic and accurate risk based pricing. Predictive scoring is fully integrated with AgencyPortal® 4.5 and is also available to customers running other versions of AgencyPortal®.
“Workers’ comp carriers are really excited about predictive analytics in AgencyPortal® because they now have an easier way to enrich quote requests with risk scores at the point of sale prior to calling their rating engine,” said Power. “Whether agents request the quote on the carrier’s agent portal or send ACORD XML or ACORD form PDFs to carriers, carriers running on AgencyPortal® will have hands-free access to predictive analytics to drive better pricing.”
Additionally, agents and carrier staff can use the History Timeline feature in AgencyPortal® 4.5 for a complete audit trail of all major events that occur within a specific work item, from initial quote request through rate, quote and bind. This new feature answers the frequently asked questions about “who changed what when,” which is especially helpful for those quotes referred for manual underwriting. This feature arose from implementations of the AgencyPortal® 4.2 collaboration features.
Agencyport’s existing clients may immediately upgrade to v4.5 by contacting their representative or by email to info@agencyport.com. Further release notes are available on the Agencyport Dev Zone.
About Agencyport Software:
Agencyport Software makes the business of insurance more efficient through technology innovation. We offer the world's leading web-based distribution technologies, global policy administration solutions and robust business intelligence tools—a powerful mix that makes the complex business of insurance easier and smarter, and helps our customers seize opportunities and gain a competitive edge quickly. www.agencyport.com
About Valen Technologies, Inc.
Valen Technologies, Inc. provides turnkey predictive analytics to the property and casualty insurance industry. Valen’s proprietary consortium database is used to deliver predictive modeling products that improve risk selection, pricing, underwriting, audit, and inspection processes. Our suite of products that includes PropertyRightTM, InsureRight®, UnderRight®, RateRight®, and AuditRight® are delivered in a fully hosted environment. Learn more about Valen at www.valen.com.