New PatraOne Platform capabilities drive innovation
Patra, a leading technology services provider to the insurance industry, announced a new partnership with Vertafore by joining the Vertafore Orange Partner Program. This program allows trusted industry partners to integrate directly with Vertafore products for improved functionality and efficiency. Patra is also announcing that they have filed a patent for proprietary developed AI utilized within their Policy Checking service. This service is one of many services managed within Patra’s PatraOne technology platform that streamlines and improves the processes for Agencies, MGAs, Wholesalers, and Carriers.
By joining Vertafore’s Orange Partner Program, Patra will provide unique capabilities to its customers who use certain Vertafore agency management solutions. Patra will leverage this partnership to add real-time coverage verification and monitoring to its CertVault platform. Issuing over four million certificates of insurance (COIs) annually on behalf of its broker and agency customers, CertVault by Patra allows digital delivery of these COIs to certificate holders. Today, certificate holders lack a quick and simple method of knowing whether the coverage on a certificate is still valid. With certificate monitoring, CertVault monitors the status of the coverages on a certificate and will automatically notify certificate holders if this coverage lapses or is canceled, reducing the risk exposure for holders and insureds.
USI Insurance Services is rolling out CertVault nationwide and will provide CertVault with real-time access to the status of their policies, which will then enable certificate monitoring for their issued certificates. “Partnering with Patra and combining technologies within complex services will help all parties within the insurance ecosystem,” said Stew Gibson, Senior Vice President and Chief Information Officer of USI Insurance Services. “Patra has clearly demonstrated their ability to apply its considerable resources and expertise to develop innovative insurance services to our industry, and CertVault is just the beginning of our combined efforts.”
The latest patent filing for Patra’s Policy Checking service, used by hundreds of insurance organizations across the United States and Canada, is a major advancement in Patra’s technology-enabled innovations built on the PatraOne Platform. PatraOne, a proprietary technology platform, powers all services Patra offers to Agencies, MGAs, Carriers, and Wholesalers. With capabilities across machine learning, artificial intelligence, workflow and task automation, Patra provides cost-efficient services.
“While the insurance market has continued to drive technology innovation, digitization, and transformation of operation workflows and tasks, our PatraOne Platform is the foundation for how we provide services,” said John Simpson, CEO and Founder of Patra. “The new capabilities in the PatraOne platform deliver increased customer satisfaction and help streamline operations. We help our customers deliver exceptional customer experience while minimizing the associated risks of manual workflows. Our tech-enabled services underscore our commitment to continuous innovation by helping insurance leaders navigate today’s business environment and contain the rising costs we are all feeling today.”