NEW BERLIN, WI – March 25, 2010 – MSB, the leading worldwide provider of building cost data and estimating technology to the property insurance industry and Vertafore, a leading provider of software to the insurance industry, have entered into a partnership agreement to provide Vertafore’s PL Rating™ clients with seamless integration of pre-filled property data using MSB’s Residential Component Technology (“RCT”). The system now enables real-time, once and done, Insurance To Value (“ITV”) processing by accessing multiple carrier sites simultaneously where the agent is licensed by the carrier(s). This improves speed and workflow efficiencies for agents.
With this innovative solution, MSB will first pre-fill building characteristics and other information needed for completion of homeowners insurance applications using its industry leading InterChangetm (“IC”) service. Then, using MSB’s new Grand Central Express (“GCX”) web-hosted network, estimate requests will be simultaneously routed to the appropriate MSB web-hosted sites (“RCT Express” sites) for that agent.
Agents will then simultaneously complete estimates of replacement cost from the appropriate carriers represented within MSB’s industry leading RCT Express™ service. Immediate transfer to the relevant carriers’ RCT Express™ sites also means instant calculation of those carriers’ valuation processes within the PL Rating workflow. Agents will reduce turn-around time while increasing the accuracy of the homeowners quoting process. This approach will eliminate agents’ current, multiple data entry process and create a true once and done environment for ITV.
“MSB is committed to solving some of the biggest challenges facing agents writing homeowners business in the marketplace today, says Jerry Fox, VP Agency Operations. With IC and GCX, the ITV process is truly a real-time, multi-carrier transaction. By combining Vertafore’s PL Ratingtm and MSB’s Grand Central Expresstm services, the partnership enhances the multi-company comparative rating process. The agent will get accurate rates quickly so they can do their job of recommending product to clients instead of inputting data multiple times. This is a real win-win situation for PL Rating clients and the carrier network using our RCT ExpressLynctm service.”
“We’ve been partnering with MSB for many years, and as we’ve seen the exponential growth and the adoption of pre-fill data by our clients on the auto side, this new agreement adds tremendous value to our customers for homeowners work flow enabling a much more seamless interview process,” said Dave Acker, Vice President, Rating and Connectivity at Vertafore. “Combining this with the carrier base of RCT ExpressLynctm customers and their ability to receive the ITV data from its agents reduces the quote to issue time for all participants.”
MSB, also known as Marshall & Swift/Boeckh, is the leading supplier of local building cost information, residential and commercial property valuation technology, analytics and services for the property and casualty insurance sector in the United States and Canada. MSB has five offices throughout the U.S. and Canada. For information, please visit MSB on the web at www.msbinfo.com.
About MacDonald, Dettwiler and Associates (MDA)
MSB is owned by MDA. MDA provides advanced information solutions that capture and process vast amounts of data, produce essential information and improve the decision-making and operational performance of business and government organizations worldwide.
Focused on markets and customers with strong repeat business potential, MDA delivers a broad spectrum of information solutions, ranging from complex operational systems, to tailored information services, to electronic information products.
MDA employs more than 3,200 people in locations across the United States, the United Kingdom and Canada. The Company’s common shares trade on the Toronto Stock Exchange under the symbol TSX:MDA.
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. For more information about Vertafore, please visit www.vertafore.com.Tags: Marshall & Swift / Boeckh (MSB), Vertafore