BOSTON, MA – June 5, 2007 AgencyPort Insurance Services, a leading provider of web-based solutions for property and casualty insurers, today announced that they will release their new product, BookSmart™, the first completely automated solution for processing Book of Business transfers, in July 2007.

A common workflow between carriers and agents, the Book of Business transfer has hobbled the insurance industry for years. The manual effort, high associated costs and technical challenges involved have prevented companies from processing these transfers quickly and efficiently and have hampered their ability to capitalize on book transfer opportunities in the marketplace.

“Agents are increasingly expecting carriers to provide easy solutions to communications and data transfer problems. Carriers that can make agents’ lives easier through effective automation strategies can get a big leg up in the competition for retention and walletshare.” States Matthew Josefowicz, Managing Director, Insurance at research and advisory firm Celent, LLC.

Not only does BookSmart™ enhance the speed and efficiency of Book of Business transfers, it also gives carriers’ marketing, underwriting, and IT teams more control and intelligence within the transfer process, allowing them to take full advantage of book transfer opportunities as they arise. The product’s reporting capability enables carriers to run sophisticated analytics against an entire book, not just a small sample set of manually entered policies as in the past. BookSmart’s™ workflow features also simplify the process of collecting data from agents, and make it simple to integrate incoming policy data with existing carrier systems.

AgencyPort’s BookSmart™ product:

Is able to integrate with company rating and policy systems to move book data electronically, without re-keying.

Provides users with an easy-to-use, flexible means to evaluate, edit and report on data that resides within the book roll application.

Allows carriers to make adjustments to policy data, transforming coverage codes or other values specific to the prior carrier before moving the policies into the carrier’s policy processing systems.

Provides a fully functional book roll application to evaluate report, view and edit data on a policy or “book” basis.

Improves the accuracy of analysis and overall assessment of the book’s quality.

Stores data in ACORD XML. At any point within the book transfer evaluation, data can be sent by policy or in bulk to Company systems or rating engine.

Uses AgencyPort’s AgencyConnect™ adapters to plug into agency vendor system export services (Transformation Station, TransactNOW, SIS Weblink, etc.) to capture “bridged” policy data from agency management systems.

Can consume, if available from the agency vendor system export service, bulk data “bridged” from the agency management systems (ie. AMS – TRANSIT TWS)

Includes numerous ‘import modules’ designed to facilitate the collection of policy data one at a time or in bulk from a variety of sources including AL3, ACORD XML, and spreadsheet reports.

“We are confident that this product is going to transform the way carriers and agents think about Book of Business transfers,” says Steven Hauck, president of AgencyPort. “No longer will they be seen as merely painful, they will be valued as an opportunity to do business more efficiently, opportunistically, and intelligently.”