Vlocity Delivers Agile Insurance Quoting

Modernized Digital Platform Simplifies the Quote and Issuance of Small Business Policies.

Dec 6, 2017 by Vlocity
4 minute read in Insurance
Vlocity Delivers Agile Insurance Quoting

From Press Release

SAN FRANCISCO, CA – (Marketwired – Dec 6, 2017) – Vlocity, Inc., a leading industry cloud software company, today announced the release of Vlocity Digital Quote, Rate & Apply. With the new solution, insurance carriers can configure a modern end-to-end new business process for property and casualty, life, health and specialty products that can be used by consumers, agents and brokers on any device. Designed to replace the fragmented and often hard-coded processes that many carriers rely on to generate quotes and applications today, Vlocity Digital Quote, Rate & Apply returns control to the business, enabling them to launch new products and craft omnichannel digital experiences without legacy system impediments.

Built on the Salesforce Platform, Vlocity Digital Quote, Rate & Apply enables insurance carriers to create dynamic needs analysis flows; present product options and make recommendations; look up factors and rates using matrices from uploaded csv files; and calculate premiums using sequential algorithms. Additional features include:

  • Unique product modeling capabilities that enable the ability to build custom packages of coverages into product bundles
  • Intelligent algorithms that provide suggestions for riders and endorsements
  • Product applications that can be configured with reflexive questions
  • Document generation capabilities that include integration with DocuSign

These processes can be designed with a drag and drop user interface and may also be integrated with third-party systems and big data sources.

"The quoting experience is often the prospective customer's first interaction with a firm, and the majority of those interactions are now happening in digital channels," said Raja Singh, senior vice president and general manager of Vlocity Insurance. "Vlocity's omnichannel capabilities, supported by agile rating, product and document capabilities, enable our customers to continually improve this important mission critical process through configuration, not custom development."

Vlocity Insurance extends the Salesforce Platform to meet the unique requirements of our insurance customers

– Rohit Mahna, SVP & GM Financial Services, Salesforce

Vlocity's Quote, Rate & Apply solution is part of a suite of insurance applications that power business processes for agents, brokers, channel managers, customer service representatives, and customers on top of the Salesforce Platform. Carriers can leverage the world's leading CRM functionality and the most trusted cloud platform to deliver industry-specific transactions like quoting a policy, changing a beneficiary, or setting up a payment plan.

"Vlocity Insurance extends the Salesforce Platform to meet the unique requirements of our insurance customers," said Rohit Mahna, senior vice president and general manager of Financial Services, Salesforce. "With the quoting and rating processes from Vlocity, insurance companies can now streamline the customer's entire 'new business' journey on Salesforce - from campaign, to lead, opportunity, quote and issue."

To learn more about Vlocity Insurance, or to request a product demo, please contact info@vlocity.com. Vlocity Insurance will also be at the Salesforce World Tour in New York City on December 14: http://go.vlocity.com/SFWT2017

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