INSURANCE TECHNOLOGY

Vertafore Introduces the Next Generation of ImageRight to Transform Insurer Productivity and User Experience

Vertafore | June 30, 2021

Vertafore, the industry leader in modern insurance technology, announced the next version of ImageRight, the industry's leading workflow and content management solution developed especially for insurance carriers today. The news was made at the Carrier Week keynote event at Accelerate, powered by NetVU.

ImageRight 7 offers a completely redesigned user experience in a web-based interface, allowing users to accomplish more streamlined core procedures and customized task lists.

The upgrade, which is the first in Vertafore's multi-year effort to modernize ImageRight, is accessible anytime and everywhere through contemporary browsers, allowing carriers to better equip their workforce for success as the "new normal" of work evolves. ImageRight 7 also offers compliance and security upgrades to bring users up to speed on the most recent rules and regulations.

Improvements such as ImageRight 7 offer a cutting-edge user experience that boosts productivity and simplifies activities.

• An easy-to-navigate, find, and track interface allows users to browse quickly, discover and track policies and any related documents.

• The ability to edit and manage Microsoft Office files directly from ImageRight, with all changes synchronized.

• Personalized to-do lists that prioritize work. To-do lists are updated in real-time, minimizing the number of clicks required to access the most recent activities.

Vertafore Hosting for ImageRight 7 can save carriers about 25-50% on an annual basis.

Vertafore Hosting, a new cloud hosting option offered via Amazon Web Services, is also included with ImageRight 7. Carriers get ImageRight supplied as Software-as-a-Service (SaaS), including automatic version updates, as Vertafore relieves carrier IT teams of the hosting burden, allowing them to focus on other priorities.

Data from Vertafore users indicate that Vertafore Hosting saves a carrier with 100 users an average of $320,000 over three years or 25-50% cost of ownership. The greatest savings come from reducing capital costs of maintaining ImageRight's hardware, operating systems, databases, and backup system infrastructure.

About Vertafore
For more than 50 years, Vertafore has been the North American InsurTech leader, modernizing and simplifying insurance distribution so that our clients can focus on what matters most: people. Vertafore's solutions enhance the client and agent experience, unlock the power of data, and simplify critical processes to promote efficiency, productivity, and profitability for independent agencies and carriers.

Spotlight

An individual, feature-by-feature review of the 13 exchange websites can be found in Appendix III of this report. Our core finding for the 2017 open enrollment period is that some exchanges are delivering a high-quality online comparison-shopping experience that allows consumers to evaluate key health plan details, such as provider networks and drug formularies. Improvements made by several exchanges, compared to 2016, have widened the quality gap between the best and worst performers. While HealthCare.gov has moved near the top of the class, most state-based exchanges still do not offer the three decision-support tools considered the gold standard of informed consumer choice an out-of-pocket cost calculator, integrated provider directory, and integrated drug directory.

Spotlight

An individual, feature-by-feature review of the 13 exchange websites can be found in Appendix III of this report. Our core finding for the 2017 open enrollment period is that some exchanges are delivering a high-quality online comparison-shopping experience that allows consumers to evaluate key health plan details, such as provider networks and drug formularies. Improvements made by several exchanges, compared to 2016, have widened the quality gap between the best and worst performers. While HealthCare.gov has moved near the top of the class, most state-based exchanges still do not offer the three decision-support tools considered the gold standard of informed consumer choice an out-of-pocket cost calculator, integrated provider directory, and integrated drug directory.

Related News

LIFE INSURANCE

Paperless Solutions Group Acquired by MIB

MIB, Paperless Solutions Group | November 30, 2020

MIB, the life insurance industry's generally trusted and secure partner for data-driven services, declared that it has acquired Paperless Solutions Group (PSG), a computerized solutions supplier. The obtaining extends MIB's arrangement of solutions pointed toward making the application and endorsing processes snappier and more productive. MIB's extended portfolio will incorporate PSG's items and apparatuses that mechanize and encourage the application process, including necessity gathering, signatures, policy conveyance, application accommodation and endorsing risk appraisal. These services incorporate deftly and effectively with transporter frameworks and supplement MIB's current items, which assist guarantors with evaluating risk during and after the endorsing process. "PSG has a long history of service to the life & health space with a special eye to process improvement," said Jeff McCauley, President of PSG. "The team and I are very excited to join the MIB Group as we believe the alignment of our products, services and personnel will bring even more innovation to the industry." PSG's tools can be used individually, or on a bundled basis, and are easily incorporated into a carrier's existing systems through robust API plug-in capabilities. "We believe PSG's platform could provide significant value to the life insurance industry by streamlining the underwriting process and providing an efficient and reliable portal to collect key data closer to the point of sale," said Winikoff. That value is of critical importance as the life insurance industry looks to new technologies to help them drive efficiencies. About Paperless Solutions Group PSG is a leading provider of cloud-based software solutions for the life insurance and financial services industry. Our products and services provide unparalleled automation and integration for the insurance services industry. These innovative offerings conduct millions of transactions annually by enabling the presale, new business and underwriting, point of sale, and post-sale support. About MIB MIB Group, Inc. is the life and health insurance industry's most trusted and secure partner for data-driven risk management and digital solutions that protect the financial integrity of its members and clients while addressing their evolving needs. Owned by its members who span the life insurance industry, MIB is uniquely positioned to provide data-driven solutions that address common industry challenges and enable clients to gain efficiencies, manage their risks, and grow profitably.

Read More

CORE INSURANCE

Lenders Service Corporation (LSC) Joins Unitas Financial Services

Unitas Financial Services | September 27, 2021

Lenders Service Corporation (LSC) is excited to announce its merger with Unitas Financial Services (Unitas) whose mission is to provide the nation's simplest portfolio protection to lenders and real estate investors across the country. LSC is a licensed Managing General Insurance Agency that has served the insurance needs of the lending community since 1981. Unitas, pronounced [YOO-ni-tahs], is a Latin word that means "Oneness or Unity". The merger with Unitas serves to provide an even broader range of highly specialized lender and real estate investor protection programs to all clients, backed by exceptional customer service. The merger of LSC with Unitas brings together a total of 14 insurance carriers and 510 clients across 30 states. LSC is based in Louisville, KY, and Unitas is based in Dublin, OH with offices in Debary, FL, and representatives across the United States. The merger builds upon the "customer first" service philosophy that has guided both companies to success. Clients will also have access to a robust range of new products, including insurance tracking, mortgage settlement solutions, blanket mortgage, blanket consumer protection (VSI), blanket equipment coverage, and more. In addition, the merger between LSC and Unitas brings unmatched claims handling experience, better coverage for lenders, and a depth of leadership and staff experience that is unmatched in the industry. Previously, LSC had acquired the Financial Products Division of Assured Partners NL, LLC's Lexington, KY office. The merger with LSC is a clear signal of Unitas's dedication to the lender protection market, as well as its commitment to provide the most up-to-date and innovative products, services, and concepts in financial institution coverage. With the talent, industry knowledge, and carrier access that comes with our combined organizations, we will be able to provide our clients with a more diverse, creative, and comprehensive lineup of products and services. We cannot say thank you enough for your loyalty to our agency over these last 40 years. We will continue to work hard in earning that loyalty as we move into the future as a part of the Unitas family. - LSC President Gary Criscillis About Unitas Unitas was formed in 2020 when Golden Eagle Insurance, founded in 1995, merged with Innovative Risk Solutions, founded in 2005. Unitas provides portfolio protection services for lenders, such as vendor's single interest (VSI), blanket mortgage hazard, blanket commercial equipment, collateral protection insurance (CPI), lender-placed hazard and flood coverage, loan default coverage (Protequity), tax tracking, guaranteed asset protection (GAP), as well as portfolio protection for real estate investors. Lenders in the property and automotive sectors will benefit from a combined 82 years of industry experience from LSC and Unitas. The merged companies will be in a strong market position to offer their services to lenders and real estate investors going forward.

Read More

INSURANCE TECHNOLOGY

A Free Resource for Insurance Compliance Information and Updates with the Launch of AgentSync Compliance Library

AgentSync | June 17, 2022

The AgentSync Compliance Library, one of the insurance industry's leading resources, is an open-source destination for news, information, and real-time updates. Here’s the unveiling of the Compliance Library by AgentSync to power growth and innovation in the insurance industry. The technology is a free resource covering over 8000 compliance data points across 53 U.S. insurance jurisdictions. The Compliance Library was created by and for insurance industry experts to aid in their efforts to stay up-to-date and learn from it. It contains everything from regulatory and compliance basics to state-by-state FAQs and news. Constantly keeping up with the time-consuming and tedious manual processes and incomplete and disconnected information is exhausting and creates significant risk for the producers and the businesses they represent. As a result, AgentSync created a first-of-its-kind open-source library to enable producer compliance. This tool is designed to give insurance and compliance professionals quick access to a database of jurisdiction-level information and regulatory updates from across the United States insurance industry. The AgentSync Compliance Library is intended to be a resource for facilitating help in the verification of: Contact information for the state insurance department: address, phone, email, website, and commissioner name Information on appointments and terminations, including deadlines, fees, renewals, and more. Agency information, including licensing requirements by jurisdiction and affiliations. Producer information, including licensing requirements by jurisdiction, renewal deadlines, fees, address requirements, and more. Adjuster information such as deadlines, fees, and renewals. Industry experts who understood regulatory nuances and had an unrivaled passion for helping customers' efforts built AgentSync to achieve and maintain compliance. Thanks to AgentSync's expertise, products, and the new Compliance Library, everyone in the industry can continue to learn and grow with confidence. About AgentSync AgentSync enables rapid growth for insurance carriers, agencies, and MGAs by providing modern producer management tools. AgentSync's products reduce friction, increase efficiency, and maintain compliance through customer-centric design, seamless APIs, and automation, ultimately helping to improve the broker onboarding, contracting, licensing, and compliance processes. AgentSync, which was founded in 2018 by Niranjan "Niji" Sabharwal and Jenn Knight and is headquartered in Denver, CO, has been named one of Denver's Best Places to Work, a Forbes Magazine Cloud 100 Rising Star, an Insurtech Insights Future 50 winner, and is ranked 88 on Forbes' list of America's 500 Best Startup Employers in 2022.

Read More