Patra Prepares Two InsurTech Products For Market Launch
After successful initial rollout, company targeting Q1 2020 for full market availability
Patra, an industry leader in insurance processing services, is preparing two technology solutions for a market launch after successful initial rollouts to select customers.
Both initially announced in October 2018, CertVault is a Patra-developed cloud-based repository and delivery system designed to secure and streamline the delivery of certificates of insurance, and QBIS is a next-generation policy management platform, designed to bridge legacy systems by utilizing APIs to automate the policy lifecycle. Both services have received positive feedback for their ability to help customers streamline processes and offer additional services to insureds, and will be available to the market in Q1 2020.
CertVault, which utilizes blockchain to ensure certificates are secure and uncompromised, provides carriers, brokers, holders, and insureds with a single platform to send and access certificates from anywhere and at any time. CertVault also provides a digital alternative to paper certificates, which currently comprise nearly 70 percent of renewal certificates issued. During its initial rollout, CertVault has seen strong adoption rates; 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 on the platform, rather than obtaining paper copies. Additionally, with registration rates at 25 percent, well above industry standards for direct response, certificate holders have also chosen to register and view deposited certificates, versus receiving paper copies. CertVault now has a full infrastructure in place, including ongoing support and a product roadmap and release schedule.
QBIS, which Patra acquired in January 2019, has enabled its customers to deliver nearly $700 million in liability coverage to small business owners this year, with booked premium on the platform tripling over the past 3 months. The product is receiving regular updates, and has now fully automated capabilities for both mid-term endorsement processing and renewal processing.
“The early successes of CertVault and QBIS are exciting news for Patra and for our customers,” said CEO John Simpson. “We know the business of insurance services because we’ve been a partner to agencies and brokers for more than a decade. In that time, we’ve been able to identify the unique pain points that can be addressed with technology to help insurance organizations improve accuracy, efficiency, and profitability, and we can now offer them the technology to further help address those needs.”
Patra is focused on the continued development of technology solutions for the market, and will be making a major product announcement at the InsureTech Connect Conference in September.