#United States #AI Technology #Denver #Vertafore #Digital Underwriter

Vertafore Revolutionizes Underwriting with New Digital Underwriter Vision

Vertafore®, a leader in insurance distribution technology during the AI revolution, has unveiled a transformative initiative aimed at enhancing the efficiency and effectiveness of managing general agents (MGAs). This initiative, dubbed the Digital Underwriter, aspires to streamline no less than the entire underwriting process, enabling underwriters to concentrate on the real crux of their work—evaluating risks and making critical decisions.

The Need for Enhanced Efficiency

Recent conversations between Vertafore and MGA executives revealed a clear, overarching concern: underwriters are increasingly bogged down by administrative tasks rather than focusing on meaningful underwriting duties. Each time a new submission arrives, MGAs grapple with not only processing it but dealing with excessive manual work that consumes valuable time. This operational burden only amplifies as MGAs expand, posing challenges to their growth and competitiveness in a fast-paced market.

To combat these obstacles, Vertafore's Digital Underwriter has been designed to eliminate friction throughout the underwriting lifecycle. By implementing sophisticated AI technologies, including new Velocity™ AI agents, the company aims to enhance both the capacity and speed of underwriting processes significantly.

Introducing Velocity AI Agents

The new Velocity AI agents are pivotal to the Digital Underwriter vision. They work directly within Vertafore’s MGA solutions, taking over mundane tasks to ensure underwriters can devote their attention to their core responsibilities. The agents span various functions, from submission intake and risk assessment to quoting, binding, and customer service.

Agent Features

• - Velocity Change Request Agent: Automatically identifies changes in renewal and endorsement applications, allowing underwriters to review significant modifications without sifting through excessive documentation. Early tests show it potentially saves up to 70% of review time while reducing errors and omissions by 98%.
• - Velocity Configuration Agent: Empowers Surefyre® administrators to manage complex configurations independently via natural language descriptions, converting requirements into configurations that can be reviewed and refined before finalization. This reduces the dependence on specialists and accelerates program launches.
• - Velocity Policy Check Agent (upcoming): This agent will use AI to identify discrepancies between issued policies and applications, enabling underwriters to focus on significant exceptions rather than performing tedious manual checks.

These innovations build upon an earlier introduction of Velocity Submission Processing Agent and Velocity Portal Launcher Agent, forming a cohesive suite of tools aimed at driving efficiency in MGA operations.

The Vision for the Future

As highlighted by Emily McGinn, General Manager of MGA and Wholesale at Vertafore, the true potential of AI in underwriting is not merely automation of individual tasks; it’s about crafting capacity across the workflow entirely. The ultimate aim is to empower MGAs to seize new opportunities and manage higher submission volumes without overwhelming their existing teams.

CEO Amy Zupon furthers this perspective by stating that their strategy is not about superficial AI enhancements but rather a reimagining of the fundamental processes inherent to insurance work. Her vision encapsulates the essence of the Digital Underwriter, which seeks to transform each touchpoint from friction to flow, thereby fostering smoother operational dynamics.

As Vertafore continues to refine and deepen its offerings, it promises to uphold its status as a trusted partner within the insurance realm, granting MGAs and carriers the agility and competence they need to thrive amid shifting market landscapes. In a world where swift and informed decision-making can dictate success, Vertafore’s Digital Underwriter marks a significant step toward securing that advantage.

With operations based in Denver, Colorado, and standing out as a technology provider for over 95% of top agencies, Vertafore remains dedicated to choreographing the harmonious interplay of digital systems and AI, paving the path for a sustainable future in the insurance industry.

For more information on these groundbreaking developments, visit Vertafore's website.