#United States #Denver #Vertafore #Velocity AI #MGA Solutions

Vertafore Introduces the Velocity™ AI Submission Processing Agent

A Game-Changer for Distribution Velocity
In an era where speed and accuracy are paramount in the insurance industry, Vertafore®, the leader in modern insurance technology, has officially launched a groundbreaking solution: the Velocity™ AI Submission Processing Agent. This innovative tool is designed to enhance the efficiency of Managing General Agents (MGAs) by transforming the traditionally manual and fragmented submission process into a seamless, automated workflow.

The Need for Speed and Efficiency

Every underwriting decision begins with submission intake, but for many MGAs and underwriting teams, this crucial first step remains fraught with inefficiencies. The conventional process often involves sifting through countless emails, attachments, and documents to extract essential information, which is both time-consuming and prone to errors. The Velocity AI Submission Processing Agent addresses these challenges head-on.

By automating the intake of submissions, this AI agent processes unstructured data from emails, PDFs, and spreadsheets, converting it into structured, actionable insights for underwriting teams. The outcome? A significant reduction in manual workload and increased operational scalability, particularly as submission volumes rise.

Dan Rieden, the Executive Vice President of Workers' Compensation at XPT Specialty, emphasized the importance of this innovation: “Historically, submissions have required rigid standardizations that often do not align with actual business practices. Vertafore's AI capabilities enable the processing of submissions in various formats without cumbersome configurations.”

Enhanced Decision-Making

Not only does the Velocity AI Submission Processing Agent streamline workflows, but it also enhances decision-making speed. The agent evaluates submission completeness, flags missing information, and generates automatic follow-up requests, reducing the delays typically associated with the underwriting process. Feedback from early users indicates that the agent has achieved an impressive 87% accuracy rate in its evaluations.

Emily McGinn, General Manager of MGA and Wholesale at Vertafore, noted, “Every minute underwriters spend gathering and organizing information is a minute they’re not evaluating risk and pushing submissions forward. The Submission Processing Agent enables teams to expedite decisions while managing a higher volume of submissions with improved consistency and accuracy.”

Furthering AI Integration in Insurance Workflows

Built on the robust Vertafore Velocity AI Platform, the Submission Processing Agent exemplifies the company’s commitment to embedding AI directly into essential insurance workflows. This technology is not just a standalone solution; it represents a critical part of Vertafore’s broader strategy to power secure and scalable AI developments within its extensive product ecosystem, which includes AgencyOne®, MGA solutions, and Sircon®.

McGinn remarked, “We’re deploying AI where it has the most significant impact for MGAs, alleviating friction in the underwriting process. When teams can concentrate on their expertise and judgment, that’s where true value is created.”

Vertafore’s ongoing innovations reflect a strategic goal to propel the insurance industry from friction towards flow, thereby facilitating Distribution Velocity. This approach addresses the continuous need for speed and intentional outcomes across various insurance workflows.

About Vertafore

As a backbone of the insurance industry, Vertafore is committed to enabling Distribution Velocity. The company’s solutions empower agencies, MGAs, and carriers to adapt swiftly and grow smarter by eliminating inefficiencies within sales, servicing, accounting, underwriting, and back-office operations. With a trusted ecosystem supporting over 95% of top agencies and 50% of industry compliance transactions, Vertafore stands at the crossroads of innovation and trust, equipping its customers with the necessary tools to thrive in the evolving insurance landscape.

Headquartered in Denver, Colorado, Vertafore continues its mission to redefine insurance technology’s future. For more information, visit www.vertafore.com.