Top three takeaways from the 2021 Vertafore Connectivity Forum
This year’s Vertafore Connectivity Forum (VCF) once again took place during Carrier Week at Accelerate, powered by NetVU. We have been hosting VCF for over 15 years, and our goal is always to bring together forward-thinking brokers and carriers to share their experiences with the challenges and opportunities with connectivity in our industry and to share our real-time efforts with our carrier products like TransactNOW, PL Rating, and more.
The insurance distribution system can be challenging, and sometimes solving connectivity challenges feels like a monumental task. But, there are many bright and dedicated people in our industry working hard to find solutions that help streamline workflows and improve industry partnerships across the board, and we’re proud to have hosted eight of them at this year’s VCF.
From acquisitions to multi-factor authentication to integrations and APIs, this year’s panel was full of great insights, ideas, and innovative strategies. Here are the top three takeaways from VCF.
1. The digital experience is a top priority
More and more agencies and carriers are embracing digital tools as the demand for more efficient and transparent solutions grow for both end-insureds and channel partners. Assessing when data exchange should be automated, when it needs a human touch, and what processes can be streamlined with technology is top of mind for many in the insurance industry.
Solutions like electronic documents, client portals, and rate comparison tools are growing exponentially across the industry as the demand for better connectivity increases.
2. Security is in the spotlight
As carriers and regulators get more security-conscious, resources like single sign-on tools, multi-factor authentication (MFA), and federated ID management are becoming more important when doing business and staying competitive. When multiple members of agency staff are working with multiple carriers throughout the day, the login credentials for each engagement can be overwhelming and can increase risk exposure.
Tools like Sign On Once by ID Federation are solving the problem by allowing a single log-in for the core agency management system that will link up to all carrier partners without multiple log-ins. We anticipate growth in the use of single sign-on tools and MFA as the industry continues to place security and connectivity as a top priority.
3. Acquisitions are rising for agencies and carriers
Agency acquisitions have been on the rise for a while, but so far in 2021 the industry has seen unprecedented carrier acquisitions. State Farm recently acquired their first carrier in nearly 100 years of business after acquiring GAINSCO for $400 million. Additionally, Liberty Mutual recently agreed to purchase State Auto for $2.29 billion, and other carriers such as Farmers, American Family, and Allstate have also recently acquired carrier competitors.
It will be interesting to see how this trend in carrier acquisition will evolve and what impact it will have on the value chain.
For more insights into the latest in the insurance industry, join us for future webinars, panels, and other events throughout the year. You can find all upcoming events on our website. We thank our panelists for joining us at this year’s VCF, and we look forward to what we hope to be an in-person VCF in Vertafore’s home city of Denver for 2022.