Richmond, B.C. - MacDonald, Dettwiler and Associates Ltd. (TSX: MDA), a provider of essential information solutions, announced today that its US subsidiary Marshall & Swift / Boeckh (MSB), the leading provider of building cost data and estimating technology to US property insurance carriers, has entered into a strategic partnership agreement with Vertafore, a leading provider of software and information to insurance distribution channels.
Under the agreement, MSB will provide insurance agents who use Vertafore’s PL Rating system with the ability to automatically pre-fill the necessary data elements to request home insurance quotations from multiple insurance carriers, using property data elements from MDA’s vast property information warehouse, which covers more than 100 million properties in the US.
Whereas previously agents had to re-key all of the data elements for each individual request for quotation from each carrier, the combined solution provided by MSB and Vertafore significantly reduces the number of data elements that need to be entered manually, and also eliminates the need to enter the same data time and again for each quotation. Once the pre-filled quotation request is completed by the agent, a number of electronic quotations are obtained simultaneously from the carriers specified, and these quotes are then made available to the agent in near real time, allowing the agent to respond to the home owner applying for insurance much faster than before.
'This partnership is a great example of MSB’s commitment to provide pragmatic information solutions that improve workflow efficiencies in the home insurance process' said Salil Donde, CEO of MSB.
'We’ve been partnering with MSB for many years, and this new agreement adds tremendous value to our clients by enabling them to conduct a much more seamless interview process with the homeowner; we’ve seen rapid adoption of pre-fill data by our auto clients and we expect the same to happen here,' said Dave Acker, vice president, rating and connectivity at Vertafore.
MDA provides advanced information solutions that capture and process vast amounts of data, produce essential information, and improve the decision making and operational performance of business and government organizations worldwide.
Focused on markets and customers with strong repeat business potential, MDA delivers a broad spectrum of information solutions, ranging from complex operational systems, to tailored information services, to electronic information products.
The Company's common shares trade on the Toronto Stock Exchange under the symbol TSX:MDA.
Vertafore is the leading provider of software and information to the insurance distribution channel including independent agents, brokers, MGAs, carriers and reinsurers. Vertafore leverages a unique industry presence to deliver meaningful solutions – powerful technology, critical information and robust insights to help organizations effectively respond to business challenges and capture new opportunities. Vertafore solutions have helped more than 17,000 customers and 500,000 users gain a competitive advantage to accelerate their business performance. For more information about Vertafore, please visit www.vertafore.com.
This release contains forward-looking statements and information, which reflect the current view of MacDonald, Dettwiler and Associates Ltd. ('MDA') with respect to future events and financial performance. The forward-looking statements in this regard include statements regarding the entering into of a strategic partnership agreement. Any such forward-looking statements are based on MDA’s current expectations, estimates, projections and assumptions in light of its experience and its perception of historical trends. The factors and assumptions underlying the forward-looking statements in this release include the strategic partnership agreement not being terminated. Any such forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially from current expectations. MDA cautions readers that should certain risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary significantly from those expected. The risks that could cause actual results to differ from current expectations include inherent risks in the information products market, including general economic, regulations and competitor changes; changes in government priorities, funding levels, contracts and regulations; susceptibility of customers in property transaction-related industries; and failure to anticipate changes in technology, technical standards and product offerings or comply with the requisite standards.
For additional information with respect to certain of these risks or factors, plus additional risks or factors, reference should be made to MDA’s continuous disclosure materials filed from time to time with Canadian securities regulatory authorities, which are available online at www.sedar.com or on MDA’s website at www.mdacorporation.com.
The Toronto Stock Exchange has neither approved nor disapproved the form or content of this release.