#USA #Denver #AI in Insurance #Vertafore Velocity #Policy Intake Agent

Vertafore's Game-Changing AI Agents

In the dynamic landscape of insurance, efficiency and accuracy are paramount. Vertafore, a frontrunner in insurance technology, recently unveiled two groundbreaking tools aimed at revolutionizing how independent agencies handle policy processing. The newly introduced Velocity™ Policy Intake Agent and Velocity Policy Check Agent hold the key to transforming traditionally time-consuming tasks into streamlined workflows, significantly benefiting agencies across the industry.

A New Era for Independent Agencies

The insurance sector is grappling with the complexities of managing vast amounts of policy information. Vertafore is addressing these challenges head-on by automating critical processes throughout the policy lifecycle. The Velocity Policy Intake Agent is designed to reduce the considerable manual effort previously required to extract and input policy data into management systems. By implementing advanced AI algorithms, this agent pulls information from various formats—such as PDFs, spreadsheets, and declarations pages—and maps it directly into the appropriate fields of the agency management system. This not only speeds up the intake process but also diminishes data entry errors.

In real-world applications, agencies have reported a staggering up to 87% reduction in the time required to create and review typical policies, such as Commercial Property and General Liability packages. Ali White, a farm account manager at Accountable Insurance Partners, remarked on the significant time savings brought by the Policy Intake Agent, highlighting its ability to liberate team members from tedious data entry tasks.

Ensuring Accuracy with Policy Checks

Once a policy is issued, the work isn’t over. Organizations must ensure that the specifics of the policy align with what was intended. This has historically necessitated meticulous manual verification, which can expose agencies to significant errors and client issues. The Velocity Policy Check Agent simplifies this process by automating the comparison of issued policies against the management system data, highlighting discrepancies for user review. This tool can decrease the policy-checking time by as much as 90% per line of business, enhancing efficiency and maintaining accuracy in the underwriting process.

Crystal Meador, vice president at Biltmore Insurance Services, praised the transformative impact of automating policy reviews, noting it allows teams to focus on high-value activities like client strategy and risk consulting, crucial for building long-term client relationships.

The Vision Behind the Innovation

Vertafore’s introduction of these AI agents aligns with its broader vision of the Agentic Agency, an initiative aimed at infusing intelligence throughout agency workflows—from sales and submissions to servicing and accounting. With these innovations, agencies can harness a more complete, reliable dataset that enhances operational efficiencies and fosters organic growth.

James Thom, president and chief AI officer at Vertafore, explains, "The workflow enhancements these agents provide allow agencies to populate their management systems with comprehensive, accurate data. This is essential for meeting client needs and seizing new growth opportunities."

Conclusion: A Step Towards Future-Ready Insurance

As the insurance market continues to evolve, the adaptation to intelligent technologies like AI becomes vital. Vertafore is not just keeping pace but leading the charge in facilitating smoother, faster operations within the insurance industry. By integrating AI into everyday processes, agencies are positioned to not only meet client expectations but also enhance their service offerings strategically.

For more information on how Vertafore's Velocity AI agents can transform your agency's operations, visit www.vertafore.com.