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Vertafore Launches Carrier Initiative to Bolster the Relationship Between Insurance Carriers and Agencies

Bothell, WA –June 9, 2014Vertafore, the leading provider of software that transforms the business of insurance, today announced a multi-pronged carrier initiative that demonstrates the company’s continued commitment to carrier businesses, and is designed to strengthen the relationship between carriers and their agency counterparts. In addition to offering new product capabilities across Vertafore’s carrier solutions portfolio, the company is extending an invitation to its annual user conference, NetVU 2015, to the carrier audience. Vertafore brings to market the industry’s most comprehensive, end-to-end solution portfolio for both carriers and agencies, including recently announced strategic partnerships and agreements with Progressive, and DocuSign and as a founding member of the ID Federation.

Unlike other insurance software technology providers that work solely with carriers or agents, Vertafore provides a complete solution portfolio that meets the needs of both audiences, a key requirement given the increasing dependencies between both roles. “While the agent was once the face of the insurance brand, now customers increasingly use multiple channels to connect with their carriers. Agents are not in danger of extinction, but the role they play will continue to evolve,” noted a recent McKinsey & Company report. “Those that can adapt to a new set of circumstances will thrive. For their part, carriers must think now about what these changes will mean for their business and begin developing strategies to respond.”

“As the insurance industry evolves, carriers must re-invent how they grow their revenue, pursue new business opportunities and optimize internal processes. By continuing to innovate our software and extending participation at our user conference to this important group of insurance providers, Vertafore is unwavering in our commitment to serve carriers.” said Alex Lintner, CEO of Vertafore. “In addition to providing access to the broadest agency distribution channel, we are giving carriers the power to improve partnerships with agents and grow profitability – today and in the future.”

A recent Vertafore survey of over 600 insurance agencies echoed the changing dynamic between carriers and agents, demonstrating the value of working with a technology provider that serves both markets. The report found that 73% of agents experienced revenue growth from 2012-2013, primarily due to exceptional policy services and streamlined quoting and submission processes provided by carriers. Agents also ranked these capabilities as top criteria when evaluating and selecting their carrier partners.

Vertafore works with 80% of the industry’s top carriers and 96 of the top 100 independent agencies. In 2013, the company reported over 81 million transactions between carriers and agencies, representing 250% growth from 2011. From real-time connectivity with agencies to insurance-focused workflow, collaboration and compliance, only Vertafore offers such comprehensive agency and carrier-proven technology and market data to drive carrier success. Designed to help carriers increase profitability, improve business decisions, streamline compliance, and serve customers and agents more efficiently and effectively, Vertafore has introduced the following new technology capabilities:

To drive further collaboration between carriers and agencies, Vertafore also announced expansion of its annual user conference, the Network of Vertafore Users (NetVU), to include the valued carrier audience. Formerly an agency-only event, this expansion makes NetVU the insurance industry’s largest technology conference. Focused on accelerating innovation and enhancing collaboration between Vertafore users through education, networking and advocacy, last year’s event attracted over 2,500 attendees and industry influencers. The 2015 conference is set to surpass previous expectations with dynamic demos, talks and business insights for all sides of the insurance distribution system.

“EMC values every opportunity to grow the relationships with our agency partners. Expansion of the NetVU conference to include a carrier track helps strengthen the collaboration and education with our partners,” said Teresa Addy, Business Technology Analyst at EMC Insurance, one of the largest property and casualty companies in Iowa.

“We welcome Vertafore’s carrier customers to our user community, and encourage them to join us in Indianapolis for our 2015 conference,” said Kitty Ambers, Chief Staff Executive at NetVU. “Working in tandem with the Vertafore team, our goal is to create the leading technology conference for the insurance industry. With the addition of new educational tracks, hands-on product sessions highlighting new features, an expanded exhibit hall, and engaging networking opportunities, I’m confident we’ll showcase the very best of the NetVU and Vertafore communities.”

For more information on Vertafore’s carrier initiative, new technologies, or to view a short video about the company’s program, visit Vertafore’s Carrier page.

About Vertafore 
Vertafore’s comprehensive insurance management software solutions lead brokers and carriers to adapt to an evolving insurance industry to efficiently scale their businesses through deeper access to information and insights. The Vertafore product line is built on a platform, empowering customers and other solution providers to adapt and thrive as the market changes. Vertafore’s platform features fast innovation, partnerships with the best technology companies, and customizable solutions to help companies remain independent during a time of industry disruption. As the leader in modern insurance technology with the largest customer base in the industry, Vertafore connects every point of the distribution channel, from agencies and carriers to MGAs, MGUs, and state governments. For more information about Vertafore, visit www.vertafore.com, read the company’s blog, and follow the company on TwitterLinkedin, and Facebook.

About RiskMatch
RiskMatch is a business intelligence and analytics company that delivers a suite of web-based solutions for insurance brokers and underwriters throughout the U.S. Its patented platform delivers an array of portfolio management, analytic and data management services designed to enable brokers and underwriters to enhance performance, reduce costs, facilitate growth, and improve their client service capabilities. For more information, visit the RiskMatch site.

CONTACTS:

Brian Brady
Public Relations Manager, Vertafore
+1 (720) 787-3114
brian.brady@vertafore.com

Alex Stanton
Stanton Public Relations & Marketing
+1 (212) 780-0701
astanton@stantonprm.com

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