Vertafore Selects Pramata to Unlock New Business Value from Customer Relationships
The Pramata platform provides a ‘single version of truth’ about Vertafore’s commercial relationships to eliminate revenue leakage, reduce costs, speed processes and assess risk
BRISBANE, CA – July 10, 2018– Pramata, the leading commercial relationship operations company, today announced that Vertafore, the leader in modern insurance technology, is live on the Pramata platform. Pramata enabled Vertafore to consolidate massive stores of contracts and customer documentation across databases, business applications, legacy systems and hard-copy storage facilities into a “single version of truth.” With immediate access to critical commercial relationship data, Vertafore can now better understand and support customer relationships, drive renewals, reduce storage costs, assess risk and speed business processes by freeing up professionals to work on higher-value tasks.
“We now have a shared, centralized and real-time version of truth regarding our commercial relationships. Critical contract data that once took several hours, or even days, to locate and assess is immediately available at our fingertips,” said Jayne Rothman, Senior Vice President, General Counsel, Vertafore. “Pramata enables us to have streamlined and enhanced information about our relationships with our customers available across all of our legal, finance and sales teams. For our customers, this translates to faster response times and intelligent support when we need critical information quickly.”
With more than 45 years of expertise, Vertafore provides leading-edge insurance management software solutions to 500,000 customers. That translates into massive, complex stores of customer contracts, documentation and data. To further complicate matters, many Vertafore customers have undergone mergers, acquisitions and name changes over the years. It is also common for customers to have multiple contracts and agreements with different terms and renewal dates.
With Pramata’s human-in-the-loop, AI platform for extracting and managing this data, Vertafore now has a single, reliable commercial relationship system of record it can use to generate business value. For Vertafore sales team members, that valuable data is accessible directly from their Salesforce CRM utilizing a seamless integration with the Pramata solution. Deeper customer insights can drive new conversations about renewals, contract terms, the consolidation of multiple agreements and longer-term contracts to help customers with financial planning. Risk analyses can be performed and risk scores assigned to contracts. And the mountains of duplicate data that Vertafore amassed over the years can be eliminated to reduce storage costs.
“Thanks to Pramata, we were able to eliminate numerous off-site document storage facilities which generated significant savings,” said Jayne Rothman. “That is just one of the benefits of centralizing your data.”
“Vertafore is great example of how Pramata helps B2B enterprises eliminate revenue leakage and better manage their commercial relationships,” said Praful Saklani, CEO at Pramata. “Our solution combines a cloud software platform with a human-in-the loop AI managed service to extract 99% accurate data from commercial documentation. Once that data is freed from siloed systems and legacy apps, companies can recover millions of dollars by optimizing renewals, price increases, unfavorable terms, mis-billing and more.”
Vertafore’s comprehensive insurance management software solutions allow brokers and carriers to adapt to the evolving insurance industry by efficiently scaling their businesses through deeper access to information and insights. The Vertafore platform features fast innovation, partnerships with the best technology companies, and customizable solutions to help companies remain independent during a time of industry disruption. As the leader in modern insurance technology with the largest customer base in the industry, Vertafore connects every point of the distribution channel, from agencies and carriers to MGAs, MGUs, and state governments. For more information about Vertafore, visit www.vertafore.com, read the company’s blog, and follow the company on Twitter, Linkedin, and Facebook.
Pramata helps large B2B enterprises eliminate revenue leakage. Pramata has created millions of dollars in value for some of the largest companies in the world including Allergan, CenturyLink, Comcast Business, FICO, NCR, Micro Focus, Novelis and Vertafore. Headquartered in Brisbane, Calif., Pramata also has offices in Kansas City, MO, and Bangalore, India.