The two products, CertVault and QBIS, were first announced in October 2018 and have since enjoyed a successful initial rollout: Patra has set its sights on the first quarter of 2020 for full market availability.
CertVault is a cloud and blockchain-based repository and delivery system that secures and streamlines the delivery of insurance certificates, while QBIS is a policy management platform that has been created to bridge legacy systems; it makes use of application programming interfaces to automate the overall policy lifecycle, making processes more efficient and removing road blocks. According to Patra, the response from customers has thus far been very positive.
“The early successes of CertVault and QBIS is exciting news for Patra and for our customers,” said CEO John Simpson. “We know the business of insurance services because we’ve been a partner to agencies and brokers for more than a decade. In that time, we’ve been able to identify the unique pain points that can be addressed with technology to help insurance organisations improve accuracy, efficiency, and profitability, and we can now offer them the technology to further help address those needs.”
Earlier in 2019, Patra was recognised by Insurance Business America magazine as a Top Insurance Workplace; the second time in two years it has received this accolade. The company was also honoured as one of the fastest-growing private companies in the US by both Inc. magazine and the Sacramento Business Journal.