Vertafore Announces Addition of ACORD XML Standards to PolicyIssuance

LAS VEGAS, May 24 /PRNewswire/ -- (ACORD LOMA Insurance Systems Forum) -- Vertafore® (http://www.vertafore.com), a leading provider of software and information to the insurance industry, today announced that it will adopt the ACORD XML standards into its PolicyIssuance solution for managing general agents (MGAs). As one of the first excess and surplus (E&S) products on the market to incorporate these standards, PolicyIssuance provides an efficient process for issuing policies, virtually eliminating redundant keystrokes.

Traditionally, the E&S lines market has relied on varying formats for sending and receiving policy information. By utilizing the ACORD standards, MGA management systems (including proprietary systems) can integrate with PolicyIssuance by using a standard XML format. Likewise, E&S carriers can retrieve policy data in real time from PolicyIssuance in the same consistent and accurate format.

"Standards are a critical part of our industry, and MGAs are looking more and more at how they can incorporate these standards to reduce data entry and make their systems more efficient," said Harry Snyder, vice president of development at Vertafore. "We believe that the ACORD XML standards will play a major role in the E&S marketplace, and we are confident that adopting these standards is the right approach for the exchange of data between third-party applications and PolicyIssuance."

PolicyIssuance, which will be available in Q3 2010, drastically reduces the time it takes for MGAs to issue a policy by auto-filling data directly from agency management systems to the appropriate E&S carrier forms. More information about the product and its features is available here: http://www.vertafore.com/About-Us/News-and-Events/Press-Releases/Vertafore-PolicyIssuance.  

About Vertafore

Vertafore is the leading provider of software and information to the insurance distribution channel including independent agents, brokers, MGAs, carriers and reinsurers. Vertafore leverages a unique industry presence to deliver meaningful solutions - powerful technology, critical information and robust insights to help organizations effectively respond to business challenges and capture new opportunities. Vertafore solutions have helped more than 17,000 customers and 500,000 users gain a competitive advantage to accelerate their business performance. 800.444.4813 | www.vertafore.com

SOURCE Vertafore