NU Online News Service, April 2, 10:07 a.m. EDT
Boston-based technology solutions provider AgencyPort Insurance Services Inc. said it has formed a partnership with RiskMeter Online, an online application used to automate property risk evaluation reports. Terms of the deal were not released.
The move is not an acquisition but technology integration, said AgencyPort, a Boston-based provider of Web-based solutions and services designed specifically for property-casualty insurers.
AgencyPort said the partnership will eliminate duplicate data entry for underwriters and agents, as well as reduce the communication needed between an underwriter or agent to quote and bind new and existing business.
The firm said the addition of RiskMeter will allow producers to type in an address and get back risk information on a property. The system can perform 30 different reports including: distance to coast, rating territory, flood zone, wind pool eligibility, proximity to brush and earthquake hazards.
"In order to provide straight-through processing and make it easy for agents to do business, it's crucial for insurers to integrate with third-party data providers to support the underwriting process," said Steven Hauck, co-founder and president of AgencyPort. "Our partnership with RiskMeter Online essentially lowers the cost and risk associated with integrating two software providers into one solution."
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