Exari Speeds Commercial Insurance Policy Issuance
New Submit, Quote, Bind solution dramatically reduces the time required to create new policies while reducing risk through automation
Boston, MA, August 2, 2016 – Exari, the leading provider of cloud-based contract lifecycle management solutions, announced today a new solution for the global insurance market. “Submit, Quote, Bind” uses Exari software to enable brokers and underwriters to streamline the broking and underwriting process and dramatically reduce cost and risk.
The “Submit, Quote, Bind” process allows a broker or agent to easily capture risk information and supporting documentation to present to an underwriter to quote. The underwriter can quickly prepare a quote document and send it back for acceptance. Once the request to bind is delivered, the underwriter can automatically create the client documentation and invoice. By utilizing Exari’s advanced workflow, both brokers and underwriters can streamline negotiation and reduce turnaround time.
“Exari’s initiatives around a document-centric solution for mid market business shows the efficiencies that can be gained by their technology,” says Tim Rayner, Head of Group Operations at Miller Insurance Services.
This innovative solution solves a number of market-wide problems, including:
- Collaboration between brokers and underwriters in a secure environment;
- 100% capture of key information based on all risk components;
- Elimination of manual errors through an on-board rating engine;
- 99.99% uptime to anyone, anywhere; and
- A complete audit trail to quickly and easily settle any disputes.
“Finally, there’s a way for Insurers to efficiently write high volume business,” said Martin Kett, VP of Insurance solutions for Exari. “With this new solution, experienced underwriters can focus on high value activities whilst still providing brokers to cost-effectively service their customers.”
The Submit, Quote, Bind solution is available immediately. For more information, visit www.exari.com/SQB.
Exari is the market-leading Enterprise Contract Management platform for delivering 100% Contract Certainty™. Hundreds of thousands of users across 80 countries use Exari for document assembly, strategic sourcing, contract creation, negotiation, collaboration and contract analytics. 5 of the top 15 banks, 4 of the top insurance brokers, and numerous market-leading energy companies use Exari.
Exari is headquartered in Boston, Massachusetts with offices in Oslo and Bergen, Norway; London, UK; Munich, Germany; and Melbourne, Australia. Learn more at www.Exari.com.