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Vertafore Initiative Seeks to Bolster the Relationship Between Carriers, Agencies

Staff Writer | June 13, 2014

Vertafore announces a carrier initiative that demonstrates the company’s continued commitment to carrier businesses, and is designed to strengthen the relationship between carriers and their agency counterparts. In addition to offering new product capabilities across Vertafore’s carrier solutions portfolio, the company is extending an invitation to its annual user conference to the carrier audience.

Vertafore brings to market a solution portfolio for both carriers and agencies, including recently announced strategic partnerships and agreements with Progressive Insurance, DocuSign, and as a founding member of the ID Federation. Vertafore provides a complete solution portfolio that meets the needs of both audiences, a key requirement given the increasing dependencies between both roles.

“While the agent was once the face of the insurance brand, now customers increasingly use multiple channels to connect with their carriers. Agents are not in danger of extinction, but the role they play will continue to evolve,” notes a recent report from McKinsey & Co. “Those that can adapt to a new set of circumstances will thrive. For their part, carriers must think now about what these changes will mean for their business and begin developing strategies to respond.”

“As the insurance industry evolves, carriers must re-invent how they grow their revenue, pursue new business opportunities and optimize internal processes. By continuing to innovate our software and extending participation at our user conference to this important group of insurance providers, Vertafore is unwavering in our commitment to serve carriers,” says Alex Lintner, CEO of Vertafore. “In addition to providing access to the broadest agency distribution channel, we are giving carriers the power to improve partnerships with agents and grow profitability, today and in the future.”

A recent Vertafore survey of over 600 insurance agencies echoed the changing dynamic between carriers and agents, demonstrating the value of working with a technology provider that serves both markets. The report found that 73 percent of agents experienced revenue growth from 2012-2013, primarily due to exceptional policy services and streamlined quoting and submission processes provided by carriers. Agents also ranked these capabilities as top criteria when evaluating and selecting their carrier partners.

Designed to help carriers increase profitability, improve business decisions, streamline compliance, and serve customers and agents more efficiently and effectively, Vertafore has introduced the following new technology capabilities:

 

  • Sign-On Once Solutions: As a member of the ID Federation, Vertafore is instrumental in promulgating standards to help carriers and agencies increase security and solve the industry’s challenges with password management.

  • Real-Time Connectivity: New features that make it easier to do business by providing seamless connectivity between agencies and carriers  using innovation in TransactNOW and PL Rating.

  • Advanced Analytics: Personal Lines Rating data empowers carriers with competitive insight to baseline and adjust business decisions and quotes.

  • Operational Efficiency: Enhancements to improve insurance-specific process management and workflows that help carriers service their customers efficiently and effectively, on-site or remotely, 24/7/365 using Vertafore’s ImageRight solution.

  • Automated client servicing and new business acquisition:  providing streamlined automation for direct download of policy data and endorsements, and the expedient delivery of bookrolled accounts.

To drive further collaboration between carriers and agencies, Vertafore also announced expansion of its annual user conference, the Network of Vertafore Users (NetVU), to include the valued carrier audience. Formerly an agency-only event, this expansion makes NetVU the insurance industry’s largest technology conference. Focused on accelerating innovation and enhancing collaboration between Vertafore users through education, networking, and advocacy, last year’s event attracted over 2,500 attendees and industry influencers. The 2015 conference is set to surpass previous expectations with dynamic demos, talks and business insights for all sides of the insurance distribution system.

“EMC values every opportunity to grow the relationships with our agency partners. Expansion of the NetVU conference to include a carrier track helps strengthen the collaboration and education with our partners,” said Teresa Addy, business technology analyst at EMC Insurance.

“We welcome Vertafore’s carrier customers to our user community, and encourage them to join us in Indianapolis for our 2015 conference,” says Kitty Ambers, chief staff executive at NetVU. “Working in tandem with the Vertafore team, our goal is to create the leading technology conference for the insurance industry. With the addition of new educational tracks, hands-on product sessions highlighting new features, an expanded exhibit hall, and engaging networking opportunities, I’m confident we’ll showcase the very best of the NetVU and Vertafore communities.”


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