Vertafore Unveils New InsurTech Solutions To Automate and Simplify Insurance

Vertafore | June 10, 2020

  • Vertafore today unveiled a slate of new tools, features and products to automate and simplify insurance.

  • The new enhancements are built on Vertafore's ground-breaking Titan™ technology, which has empowered the company to deliver 50% more features year-over-year.

  • Titan provides an open architecture for development and integration that not only allows Vertafore to deploy its own new products and features rapidly.


To help thousands of independent insurance agencies modernize and grow their business, Vertafore today unveiled a slate of new tools, features and products to automate and simplify insurance. The new enhancements are built on Vertafore's groundbreaking Titan™ technology, which has empowered the company to deliver 50% more features year-over-year.

Vertafore announced the new offerings during its virtual Summer of Accelerate Kickoff as part of its roadmap to enable agency modernizing through four key areas: client digital experience, agency management, market connectivity and data insights. Data from Vertafore's customers shows that agencies that invest in these areas can see nearly three times the profitable revenue growth compared to industry averages.


Read More: Marsh Joined Forces with AXA XL to Launch Marsh DeliveryPRO Insurance Solution


Delivering the Modernizing the Agency vision through rapid product innovation

Vertafore's Modernizing the Agency approach helps independent agencies leverage a comprehensive strategy rather than simply buying and deploying ad hoc software. With a holistic strategy, agencies can trust that the digital tools they choose will not only integrate seamlessly and simplify workflows but also deliver the productivity, customer satisfaction and business gains they need to be more competitive.

Vertafore is unveiling a host of new solutions and enhancements in the four key areas shown to most help agencies thrive, including:

  • Client digital experience: Payment processing for InsurLink™, available later this summer. InsurLink equips independent agents to offer a branded, integrated self-service portal for their end-insured. Just launched in March, InsurLink has already received industry accolades and the new features illustrate Vertafore's ability to deliver products and enhancements faster than ever before. Agencies that leverage a client engagement platform are renewing customers at up to 5% points higher than those that do not.

  • Agency management: AMS360 Connect™, available now, and Sagitta Connect™, coming later this summer, to integrate Vertafore's management systems with leading CRM solutions; AMS360 Mobile™ to allow agents to use AMS360® on-the-go; Trust Account Management and more than 20 AMS360 enhancements in accounting, administration, ACORD, customer and policy, and workflow, coming later this summer with AMS360 20R1. Improving end-to-end automation and real-time data synchronization saves time, money and effort for both agents and the end-insured; Sagitta™ enhancements in servicing and accounting workflows with the Sagitta 20R1 release; QQCatalyst™ enhancements in performance and servicing workflows.

  • Market connectivity: Commercial Submissions, the industry's first AMS-integrated, real-time, end-to-end solution to automate commercial line submissions, coming this fall; AIM™ integration with TransactNOW® for MGAs and Sircon for Agencies™ to enable real-time market connectivity.

  • Data and insights: RiskMatch For Benefits® with benefits benchmarking, providing the industry's first real-time data platform as a service; and coming later this year, RiskMatch® Retention Prediction, using artificial intelligence and machine learning to help agencies spot at-risk renewals.


Read More: IBM And Aegon Join Forces To Enhance The Service For Around 800,000 Customers Digitally


A new approach to InsurTech: Vertafore's Titan technology

These major product updates are just a handful of the 1,000+ new features Vertafore plans to roll out this year, many built upon the company's groundbreaking Titan technology platform. The InsurTech industry's first truly open platform, Titan forms the backbone of the Vertafore solution suite, powering faster innovation, smoother integration and higher quality feature deployment.


Over the past year, we've turned out more value-added features than ever before, and you can expect that rapid innovation to continue, thanks to Titan, We've invested two years in building this open platform that now allows us to offer more capabilities faster, and with a more modern, mobile-first user experience.

- Chad Hawkinson, Vertafore's chief products and data officer.


Titan provides an open architecture for development and integration that not only allows Vertafore to deploy its own new products and features rapidly, but also integrate seamlessly with third-party solutions and other InsurTech tools. Built with bank-level security and data encryption, Titan is designed for real-time data interface and synchronization that empowers independent agencies to finally unlock and leverage their data, reduce redundancies, delight their customers and accelerate agency growth.


About Vertafore

For 50 years, Vertafore, the leader in modern insurance technology, has built and supported superior Insurtech solutions to connect every point of the distribution channel. Vertafore's agency management, ratings, regulation, compliance, data and analytics, and connectivity products streamline workflows, improve efficiency and drive productivity for more North American insurance professionals than any other provider – including more than 20,000 agencies, over 1,000 carriers and 23 state governments. Through a continual focus on operational excellence, development of innovative solutions, and alignment with key industry partners, Vertafore is leading the way for customers of all sizes by delivering results that make a difference.

Spotlight

Pricing in the non-life insurance sector has been subject to volatility in recent years, from unsustainably low premiums to the large price increases experienced, particularly since 2014. As a result of this and other developments in the insurance sector, the Minister for Finance, Michael Noonan TD established the Cost of Insurance Working Group (the Working Group) in July 2016. Minister of State at the Department of Finance, Eoghan Murphy TD was appointed Chair and the Working Group published its Report and Action Plan on the Cost of Motor Insurance on 10 January 2017.


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Spotlight

Pricing in the non-life insurance sector has been subject to volatility in recent years, from unsustainably low premiums to the large price increases experienced, particularly since 2014. As a result of this and other developments in the insurance sector, the Minister for Finance, Michael Noonan TD established the Cost of Insurance Working Group (the Working Group) in July 2016. Minister of State at the Department of Finance, Eoghan Murphy TD was appointed Chair and the Working Group published its Report and Action Plan on the Cost of Motor Insurance on 10 January 2017.

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