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Vertafore Selects Pramata to Unlock New Business Value from Customer RelationshipsBRISBANE, Calif., July 10, 2018 (GLOBE NEWSWIRE) -- 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 wit 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.” About Vertafore About Pramata Media Contact: Marie-Louise Clark Activa PR for Pramata 415.608.2209 |