Omega Insurance Holdings Limited (Omega Group; Hamilton, Bermuda) will license Bothell, Wash.-based Vertafore's PolicyIssuance for operations in both the U.S. excess and specialty (E&S) market and the U.K. market in an effort to provide its agents with a cost-effective solution that shortens the policy issuance cycle time while reducing errors and omissions (E&O) exposure, according to a Vertafore statement.
"We are delighted to have licensed Vertafore's PolicyIssuance product," comments Wayne Bates, president of Omega US. "This will allow our general agent partners to access a solution we believe will increase efficiencies in their policy issuance process. It will also allow us to better manage and distribute form libraries."
Omega Group, an international insurance and reinsurance group listed on the London Stock Exchange (LSE), selected PolicyIssuance to provide real-time risk data information for its U.S. and U.K. operations and to provide coverholders and general agents (GAs) access to the Omega Group policy forms library for quoting and policy issuance via integration with the GAs' agency management systems, according to Vertafore. PolicyIssuance eliminates policy form library maintenance for the GA since libraries can now be updated on a real-time basis by E&S carriers, syndicates and London brokers, the vendor statement asserts. Web-based and built to ACORD XML standards, PolicyIssuance provides an efficient process for GAs to issue policies, virtually eliminating redundant keystrokes, according to Vertafore.
"Policy issuance can be a major headache for our coverholders," says Steve Hart, non-marine underwriter for Omega UK. "The London/Lloyd's Market traditionally has not focused on assisting coverholders with this vital process. This is a major step forward for the Syndicate, which will position it at the forefront of the E&S industry, and in particular the London/Lloyd's Market in this regard. It is our goal to provide our coverholders with the best products and underwriting tools to allow them to place solid profitable business with us in the most efficient and time-saving manner for all parties involved."
Anthony O'Donnell has covered technology in the insurance industry since 2000, when he joined the editorial staff of Insurance & Technology. As an editor and reporter for I&T and the InformationWeek Financial Services of TechWeb he has written on all areas of information ... View Full Bio