Insurance Carriers Poised for Growth & Efficiency with Vertafore's New InsurTech Solutions to Power Distribution Management

DENVER, Aug. 18, 2020 /PRNewswire/ -- As part of its strategic vision to simplify and modernize insurance distribution, Vertafore today announced a slate of new products to help carriers transform their agent experience, streamline insurance distribution, and unlock the power of data to uncover avenues for growth and profitability.

The new offerings include RiskMatch^® for Carriers, Commercial Submissions™, and Sircon^® for Carriers—the industry's only purpose-built, end-to-end set of solutions for carriers to manage their agency and producer relationships.

Vertafore is presenting its new solutions to the marketplace during the first day of Carrier Week event as part of its virtual Summer of Accelerate, powered by NetVU, being held August 18–20.

"We know that the best way for carriers to grow their business and differentiate themselves in the market is to make it as easy as possible for agents to do business with them," said Steve Cox, Vertafore's general manager of distribution and compliance management. "When carriers offer modern, real-time technology, it's only natural for agents to turn to those carriers that deliver the most friction-free experience. To that end, we're bringing together best-of-breed solutions to facilitate maximum efficiency and connectivity between carriers and agencies, enabling both to give the end-insured the real-time service they expect."

To deliver on its vision for carriers, Vertafore's three-spoke strategy includes InsurTech innovations for the entire insurance distribution channel.

Powering distribution management

Traditionally, carriers have been forced to cobble together disparate solutions to manage the most essential components of their distribution channel: onboarding, compensating and ensuring the compliance of their producers and agencies.

Vertafore is solving that challenge with the introduction of Sircon for Carriers, a real-time, digital experience that addresses the entire lifecycle of the carrier/agency relationship through a comprehensive, insurance-focused portfolio of products:

• Sircon^® Onboarding & Self-Service to bring on new agents and get them quickly authorized to sell a carrier's insurance products
• Sircon^® Compensation to empower carriers to create compelling, bespoke programs that drive agents to sell products that support a carrier's growth strategy
• Sircon^® Producer Central to help carriers ensure agents stay compliant with ever-changing state rules and equip carriers to expand into new products and new regions

Transforming agency-carrier relationships

Carriers that aim to be a partner of choice with the independent agency channel need solutions make it easier for agents to connect with them and exchange more data in real time. Vertafore's latest offerings to support better these interactions include:

• Commercial Submissions, the industry's first platform that solves the manual headache of commercial insurance submissions. Through real-time connectivity, automated data exchanges, and less redundant data entry, Commercial Submissions will reduce the time carriers and agents spend on commercial applications by up to 30% and enable businesses to bind coverage in minutes rather than days or weeks.
• Personal lines rating APIs to allow carriers to surface industry-leading PL Rating™ in any platform of their choice to quickly identify markets for out-of-appetite risks. 
• Integrating Book Roll™ into PL Rating, to enable carriers to access and rate in-appetite business within an agency's book.

Unlocking the power of data

Carriers need meaningful insights to grow their business and intelligent information management and workflow solutions to simplify management of customer information. To that end, Vertafore announced:

• The launch of RiskMatch for Carriers—the only data and analytics solution of its kind to help carriers benchmark their performance, act on growth opportunities and earn more of the business they want from agents. The solution is available to carriers as a data feed and can be used to augment data lakes that they may already have in place or combined with existing data to run other analyses. 
• The availability of ImageRight™ Online and upcoming enhancements to the ImageRight web client functionality. These solutions provide carriers the flexibility to work anytime, anywhere while driving real productivity gains.  

Summer of Accelerate's Carrier Week provides roadmap for growth

Designed exclusively for the carrier community, Summer of Accelerate Carrier Week is three full days of essential content to help attendees capitalize on the move toward agency and distribution modernization and better serve the end-insured. In addition to new Vertafore product features and enhancements, attendees will hear from leading carriers and brokers on current industry challenges and where they're investing to tear down barriers to mutual growth.

To learn more about Vertafore's new carrier initiative or to register now for Carrier Week, visit www.carrierweek.com.

About Vertafore

For more than 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. For more information about Vertafore, visit www.vertafore.com.

©2020 Vertafore and the Vertafore logo are registered trademarks of Vertafore. All rights reserved. All other trademarks are the property of their respective owners. 

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SSPR
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