Boston Software has introduced SinglePoint, a new data-exchange system that makes it easy for independent agents to submit Massachusetts auto insurance applications to any carrier under the state’s revised system.
SinglePoint creates a standard new-business-submission process that conforms to the agent’s workflow. Instead of making agents log in and out of carrier websites, SinglePoint lets agents transfer complete rating data from the company’s WinRater Auto Rating Software to an ACORD new-business application. Boston Software’s WinRater rating software is used by more than 1,700 agencies in the state.
Once the user selects the insurer, SinglePoint sends the completed ACORD application to the carrier’s policy-processing system and returns a confirmation. The carrier, in turn, receives the data and maps it to the appropriate fields.
Agents won’t have to learn different workflows for different carriers or need to rekey customer information in multiple places, according to the vendor.
Part of the new WinRater Comparative Auto Rating Software, SinglePoint was created in response to the new managed competition system being implemented in Massachusetts.
Users will be able to submit business to both voluntary carriers and the Massachusetts Auto Insurance Plan (MAIP) for assigned-risk policies.
“Given new workflow demands on agencies, a standardized submission process is a necessity,” said Charles Walsh, Boston Software director of sales and marketing. “Agents can’t afford to spend all their time navigating in and out of various carriers’ proprietary systems.”
Walsh said SinglePoint offers a consistent workflow so that customer service representatives and agents can focus on qualifying risks instead of reentering data.
It’s also a benefit to insurers, he said.
“By supporting SinglePoint they’re supporting their agents in the field. These carriers should win more business under managed competition,” said Walsh.
Several carriers have already signed up for SinglePoint, and Boston Software is expecting all other carriers in the state’s auto market to follow.
“Universal participation is really where the significant benefits can be gained by agents and carriers,” added Walsh. “It’s exciting to see agents, carriers and vendors coming together for a common goal.”
Boston Software plans to use SinglePoint as its real-time rating platform of the future.
The firm named Jim Barry project manager in charge of helping carriers implement SinglePoint.
Source: Boston Software
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