RMS Implements ValueMomentum’s BizDynamics for Rate-Quote-Bind
Staff Writer | October 17, 2016
ValueMomentum announces that RMS Hospitality Group, a writer of programs for the hospitality industry, has licensed and is in production with BizDynamics Digital Experience Solution and iFoundry Ratings Engine.
The company is leveraging the solutions to enable agents to submit business digitally, enable comparative rates from the various markets RMS HG works with, and get quotes and binders in a fraction of the time previously possible. This will enable digital engagement for agents/brokers, underwriters and internal staff.
Looking for operational efficiencies to be easy to do business with and to drive more efficiencies, RMS HG’s primary business drivers were:
- Give agents self-service capabilities to submit business from any device, anywhere, anytime and provide quotes and binders quickly
- Move to a cloud system as opposed to a desktop so as to be shared by agents and internal personnel
- Provide underwriters true side-by-side comparative rating to eliminate entry into multiple spreadsheets
During the evaluation of available solutions, RMS HG determined ValueMomentum’s functionality coupled with an affordable cloud-based subscription plan made it a top contender with RMS HG’s selecting the solution in April 2016. Now in production with its hospitality program, RMS HG’s 15-week implementation was both on-time and on-budget.
Agents now enter the data in ValueMomentum’s BizDynamics solution from a variety of devices. Underwriters can do comparative rating and secure rates quickly. What used to take approximately a week to, rate/quote/bind transactions now take less than a day.
Ryan A. Young, Executive Vice President/Director of Programs, RMS, is spearheading their position of making RMS the company ‘easy to do business with’ and meet its aggressive growth plans. “From the first introduction to ValueMomentum, we felt that the system was the best and most economical solution for RMS HG. ValueMomentum is a pleasure to do business with as they are very accommodative, knowledgeable and flexible in meeting our goals,” says Young.
The next planned phase will entail the ability for agents to send ACORD and proprietary applications using ValueMomentum’s App2Data solution to automatically extract data from the forms and prefill ValueMomentum’s BizDynamics application.
“MGAs and program administrators are all actively seeking to modernize and extend the ability to digitally access rate-quote-bind capabilities for agents,” says Abhijeet Jhaveri, ValueMomentum’s chief marketing officer. “ValueMomentum’s BizDynamics and companion quoting solution are designed to address just these types of challenges, enabling our customers to meet the increasing expectations of their agents.”
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