Frost & Sullivan | August 17, 2021
Based on its recent analysis of the North American telematics data exchange market, Frost & Sullivan recognizes Verisk Analytics with the 2021 North American Company of the Year Award for pioneering connected telematics data exchange technology. With the largest data repository of connected vehicle driving data in North America, the Verisk Data Exchange provides significant value to consumers, insurers, and original equipment manufacturers. Consumers benefit from personalized premiums, insurers gain unprecedented access to telematics data from connected vehicles and operational efficiencies for their usage-based insurance (UBI) programs, and OEMs are able to deliver enhanced connected services that enrich the overall ownership experience for their drivers.
"Verisk has successfully built a platform that supports major stakeholders, such as insurers and OEMs, while planning for the future of connectivity," said Niranjan Manohar, Consulting Director, Mobility. "By providing instant access to telematics data from connected vehicles, its platform allows insurers to assess risks accurately. The resulting operational efficiencies enable them to not only streamline underwriting processes but identify and retain safer drivers and increase customer touchpoints."
With driver cosent, Verisk's platform collects data from more than 8 million telematics-equipped vehicles through relationships with four major OEMs: Ford, GM, Honda, and Hyundai. Through Verisk's risk analytics capabilities and reach to insurers, these OEM alliance partners can deliver high-value connected services that enhance the ownership experience, helping drivers improve and making it easier to unlock behavior-based discounts. Even though other telematics service providers draw data from millions of vehicles, few companies can boast the network effect that Verisk achieves through its Verisk Data Exchange.
In addition to connected vehicles, the platform also supports other sources of telematics data: third-party telematics solution providers (TSPs), aftermarket hardware solutions, and smartphones. This source-agnostic approach allows the Verisk Data Exchange to support both personal and commercial lines of auto insurance.
The data exchange model changes the dynamics between insurers and customers by enabling continuous and ongoing interactions. As connected vehicles become standard, insurers will find it easier to onboard new customers to usage-based insurance (UBI) policies because embedded telematics requires no additional monitoring. Verisk's popular DrivingDNA® solutions deliver advanced telematics risk scores and normalized telematics data to insurers at point of quote, allowing them to calculate safe driving discounts upfront. Furthermore, insurers can use this data to assess portfolio risk more accurately, create driver scoring models, and improve customer engagement tools, benefitting policy holders.
"In a space that has seen many new entrants emerge, Verisk remains a trusted name with years of experience. Besides four of North America's largest OEMs signing into the network, Verisk serves five of the top 10 insurers as well as numerous other mid-market, regional, and insurtech customers," noted Niranjan Manohar. "As the network of connected vehicles continues to expand, the Verisk Data Exchange is poised to scale and adapt to the needs of insurance partners, OEMs, and drivers."
Each year, Frost & Sullivan presents a Company of the Year award to the organization that demonstrates excellence in terms of growth strategy and implementation in its field. The award recognizes a high degree of innovation with products and technologies and the resulting leadership in terms of customer value and market penetration.
Frost & Sullivan Best Practices Awards recognize companies in a variety of regional and global markets for demonstrating outstanding achievement and superior performance in areas such as leadership, technological innovation, customer service, and strategic product development. Industry analysts compare market participants and measure performance through in-depth interviews, analyses, and extensive secondary research to identify best practices in the industry.
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SIS, ePayPolicy | June 02, 2021
Now independent insurance agents using Strategic Insurance Software's Partner Platform agency management system can easily take digital payments making it convenient, simple, and secure for their insureds to pay premiums directly from the agency website, client portal, or agency mobile app.
"Enhancing and improving our agency clients' ability to serve their insureds through technology is that the focus of the Partner Platform," said Bryce Lee, Director of Product Management for SIS. "We search for insurance technologies that complement Partner's innovative 'digital client experience' tools, including state-of-the-art client portal and mobile app. ePayPolicy may be a great example, through their system our clients' insureds can make payments regardless of where they're, or once they got to submit their payment."
"Consumer demand for easy, paperless payments has been growing for decades, and our industry is now catching up to what's been standard practice in most other industries," said Todd Sorrel, one of ePayPolicy's founders. "In the same way that modern management systems like Partner Platform just 'make sense,' we believe ongoing, integrated digital payments also make sense, because it makes life easier for everyone involved, not just the insured."
With this integration, ePayPolicy joins a growing list of "Partner Allies" that provide products and services which work together with the Partner Platform agency management system to enhance the independent agency's capacity to retain, grow, and service clients. These relationships are more than integrations – they are commitments from like-minded vendors collaborating to serve mutual clients and leveraging diverse strengths to enhance the experience of our agencies.
Headquartered in Columbus, Ohio, Strategic Insurance Software (SIS) is the team behind Partner Platform -- the agency management system that sets independent agents free from the established order of over-paying and under-utilizing their agency software. "Partner" is more than a name – it's who we are
Built by insurance professionals for the insurance industry, ePayPolicy is on a mission to replace paper checks for all agency billing. By offering a convenient, secure solution for independent agencies, brokers, MGAs, and premium finance companies, ePayPolicy is transforming how the independent insurance industry collects payments and sends funds.
Cision PR Newswire | September 09, 2020
Vitech Systems Group announced today that Prudential Group Insurance has signed a long-term contract to use Vitech's V3locity® as Prudential's new core administration platform across its entire group insurance business. Prudential will use V3locity to administer a broad range of insurance products including Accident, Critical Illness, Hospital Indemnity, Term Life, Short and Long-Term Disability, Universal Life, Variable Universal Life and more. The insurer's decision to leverage V3locity across its entire group insurance business is aligned with Prudential's overall growth and transformation strategy and follows the successful implementation of V3locity for its voluntary benefits business in May 2019.