Sword AgencyPort, a Sword group company and a provider of web-based, product distribution solutions to the property and casualty insurance industry, has upgraded its BookSmart solution to support commercial lines of business, beginning with admitted market commercial auto in all fifty US states.
According to the Sword AgencyPort, BookSmart reduces the manual effort and high costs that impeded carriers from capitalizing on book transfers opportunities.
BookSmart normalizes book of business data from independent agents, automatically running bulk policy data through the carriers’ underwriting rules and rating engines using the Acord standards.
Mason Power, VP of product and market strategy for Sword AgencyPort said: “For carriers, BookSmart has proven successful in reducing data entry time by 75% and seeing the cost of handling book rolls lowered to a few dollars per policy, which for a carrier handling 3,000 book rolls per year can mean a savings of $60,000 per year. BookSmart has demonstrated quick return on investment and we are pleased to now offer the same benefits to carriers writing commercial lines.”