ValueMomentum Upgrades DealFoundry Agent Portal as P&C Insurance Industry Rebounds
September 02, 2015
ValueMomentum recently announced that it had released version 2.5.0 of its DealFoundry insurance agent portal. The new solution will allow agents to speed up the quoting process and collaborate with other agents.
Piscataway, New Jersey-based ValueMomentum develops software for the finance and insurance industries. In addition to DealFoundry, the company has also developed BizDynamics customer care solution; iFoundry product lifecycle management and rating engine; verification and validation tools; and data analytics.
Much of the efficiency gains from the new DealFoundry come from improvements in the data entry process. Many applications require redundant entry of certain sets of data when producing quotes. DealFoundry eliminates this by pre-filling data entry fields whenever possible, requiring agents to enter the least amount of data possible.
For example, when an application is submitted, App2Data, another solution from ValueMomentum, extracts data from the application and populates corresponding fields on the quote form. This eliminates not only the time wasted on multiple entries of the same data, but also reduces the probability of errors when one set of manually entered data on one form does not match the corresponding set of data on another.
In version 2.5.0, this same efficiency is extended to ACORD forms. For those not familiar with the insurance industry, ACORD is the Association for Cooperative Operations Research and Development. It provides standardization for the insurance and related industries worldwide, including the data provided on insurance forms.
Improved efficiency in any industry is always a good thing, but it will be appreciated even more by ValueMomentum clients. IBISWorld expects the property and casualty insurance industry, which ValueMomentum targets, to grow faster the next five years, the result of an economy having recovered from the subprime mortgage crisis several years ago.
A report from Bloomberg (News - Alert) Business seems to agree with this. In June, new-home construction climbed to the second-highest level since 2007 as the number of building permits increased to a nearly eight-year high.
This means more work for insurance companies which have been treading water the past few years, with most business coming from renewals. Now they will have more new properties to insure, and the firms that have modernized software like that provided by ValueMomentum will be better equipped to handle the load.
What ValueMomentum has done with the latest version of DealFoundry extends beyond saving time on data entry. It serves as a lesson to anyone developing software that you can develop a solution that eliminates duplicate data entry, even if it uses data from disparate sources.
Edited by Peter Bernstein