Patra corporation has launched a cloud-based repository and delivery system called CertVault which helps to secure and streamline the delivery insurance policies. It has also acquired QBIS, an Oakland-based InsureTech platform facilitating broker and MGA connection to carrier systems.
CertVault incorporates blockchain technology to prevent tampering of certificates and helps in reducing time spent in tracking down certificate holder delivery information with the creation of a nationwide database of holders, insured, brokers and carriers. The value proposition here are cost savings, security, efficiency and ease of use.
Stewart Gibson, Chief Information Officer of USI Insurance Services has said of this new product: “Patra’s intimate knowledge of certificates of insurance and deep technical capability makes them the natural company to launch CertVault and innovate a new way of distributing certificates.”
QBIS acquisition offers further enhancement to Patra’s direct writer-focused service line called Patra Direct which is also a next-generation policy management platform. Patra Direct and QBIS together will help in automating the entire policy life cycle, including binding, servicing and accounting.
John Simpson, CEO of Patra has said of the QBIS acquisition: “. As one of the largest servicers of small commercial business, we understand that consistent, secure and fast connections between companies in the industry are vital for more efficient communication and data transfer. QBIS technology offers a powerful, flexible and data-driven tool that will help brokers, MGAs and carriers alike.”
Ultimately, although countless insurtechs and legacy players are looking to blockchain to deliver automate previously manual processes and provide reliability, the acquisition of QBIS has demonstrated the willingness of legacy companies that support traditional insurers to also embrace blockchain based use cases.