In just a few short days, Patra will attend InsureTech Connect— the world’s largest insurtech event. The conference, which is being held at the MGM Grand in Las Vegas, offers an opportunity for forward-thinking insurance professionals to learn from the innovators and entrepreneurs shaping the insurtech landscape today. Patra’s own success so far in the insurtech marketplace has encouraged us to continue to address our customer’s pain points with new automation services that improve accuracy, efficiency and profitability.
Kiosk Demonstrations at Agency Connect
On Monday, Sept. 23, Patra will have a demonstration kiosk at Agency Connect, a pre-conference event that is focused on helping agencies and brokers thrive in the new digital first, tech-enabled reality. You can find Patra at kiosk #33 during Agency Connect, where we will be demonstrating two Patra Cloud service offerings: CertVault, our cloud-based repository and delivery system designed to secure and streamline the delivery of certificates of insurance, and QBIS, a next-generation policy management platform, designed to bridge legacy systems and APIs to automate the policy lifecycle.
Utilizing CertVault digitizes a traditionally manual process, making certificate delivery faster, more economical and more secure – blockchain security assures our customers that their insured’s information is protected. During CertVault’s initial rollout more than 50 percent of insureds who have been notified by their broker of a certificate in CertVault have registered to view their certificates electronically, rather than obtaining paper copies. Additionally, nearly 25 percent of certificate holders have also chosen to register and view deposited certificates, versus receiving paper copies.
QBIS, which was acquired by Patra in January 2019, automates a policy’s entire lifecycle and has enabled our customers to deliver nearly $700 million in liability coverage to small business owners over the past year. The product is receiving regular updates and has now fully automated capabilities for both mid-term endorsement processing and renewal processing. QBIS dramatically reduces the amount of time an insurance organization’s staff spends managing a policy, from buying to managing, in one cloud-based platform.
New Innovations & Insurance Payments Platform
Stick around long enough to chat with us one-on-one at Agency Connect to learn about our entry into the insurance payments market with our newest innovation, an insurance payments platform. This first-of-its-kind digital platform uses cloud-based technology to transform premium payments and financing into a consistent, digital and instant experience for all layers involved in the insurance transaction. The platform will automate the insurance billing and payments process and as a result will provide a significant cost savings, drastically reducing the number of touch points between billing and receiving.
Through our insurtech service line, Patra Cloud, and it’s current and future innovations, we are accelerating our commitment to solving the industry’s cumbersome, manual process inefficiencies by developing and implementing innovative digital solutions. Patra continues to be a pioneer in the insurance service industry, using a layer of technology to bring efficiency, accuracy and SaaS-based solutions to our customer’s strategic business processes and operations, creating the opportunity for greater profitability and growth.