Hanover Gives Agents Book-of-Business Transfer Options
April 2, 2008
Worcester, Mass. — Hanover Insurance Group Inc. launched a new automated solution for processing book of business transfers using AgencyPort's BookSmart and Transit Server from Vertafore Inc. d/b/a AMS Services. The solution was designed by the company in an effort to help its agent partners streamline their internal operations and carrier management initiatives.
The solution was designed by The Hanover in an effort to help its agent partners streamline their internal operations and carrier management initiatives. Branded by The Hanover as PACTaccelerator, the technology systematically captures, edits, analyzes and exports book-level data from a participating agent’s management system as part of the pre-sales evaluation process. Designed to eliminate highly manual agent workflows—including quoting—the solution enables customer service reps to focus on higher agency priorities, such as new business production and account rounding.
Flexibility to report, edit, change or update the data on a “book basis” provides The Hanover and its partners with the ability to streamline its analyzing, underwriting, and processing book transfers and dilutions.
Additionally, at the request of one of its partners, The Hanover is now able to review and analyze personal lines books of business by interfacing with their agency management system. The data is used to produce analysis that provides agents with revolutionary opportunities to improve coverage for clients and can be used to pre-fill roughly 80% to 90% of point-of-sale fields required to quote, claims the company. The Hanover’s administrative users can modify policy attributes (like deductibles, coverage levels and more) at a customer- or book-level to help The Hanover and its partners align those attributes with underwriting or product requirements.
Hanover worked with both AMS Services, a Bothel, Wash., provider of insurance connectivity solutions and services and AgencyPort Insurance Services, a Boston-based provider of Web technologies to both agents and carriers, for implementing the end-to-end book roll solution. AMS Services’ Bookroll-Transfer is an add-on for AMS TransactNOW that allows bulk export of data from the family of AMS Services agency management systems. AgencyPort’s BookSmart product is an application used to import, analyze, update and export books of business or multiple policies.
“The productivity demands of our partners continue to rise, and our job is to help meet or exceed them,” said Jim Hyatt, president, personal lines at The Hanover. “Tools like PACTaccelerator help us provide value by illuminating opportunities for our agents while eliminating the costly burdens they previously had to endure during the evaluation or implementation of book transfers and dilutions. We’re letting agents focus on improving their revenues in this tough market, while offering an unparalleled solution to carrier management.”
Sean Sweeney, assistant VP, agency automation at The Hanover, says that traditionally, book rolls have been accomplished through a very manual process. “The benefits of this automated solution are twofold—we have better data to analyze and review with our agents. Additionally, the process time is dramatically reduced for all involved. This solution has enabled better business intelligence regarding a book, and made the process much less intrusive for our agents and insurers.”
Sources: RealTimeTraders.com Inc., Business Wire
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