While the federal government plays a role in some aspects of insurance, regulation of the industry is primarily handled at the state level, with each state crafting its own laws and individual requirements. Yet, modern business routinely transcends state lines, and companies must navigate jurisdictional complexities to compete in the market.
That’s why state regulators responsible for protecting consumers and monitoring licensed entities need a technology solution that masters complex compliance scenarios for millions of licensees, delivers online solutions for interacting with licensees and consumers, and integrates through APIs with national databases and other third-party technology.
Our purpose: Connecting the entire insurance industry
In addition to serving agencies, carriers, and MGAs, Vertafore provides individual state governments with modern technology solutions that enhance regulatory compliance, operational efficiency, and security. The connectivity that is central to Vertafore’s Sircon platform—what we call the Sircon connected network—benefits both the broader insurance industry and government regulators. With dual purposes of connecting the insurance industry and helping regulators to protect the public, Sircon empowers state departments of insurance to more effectively manage company oversight, consumer services, licensing, education, and enforcement at scale.
Over the past 25 years, Sircon has grown to become the market leader for distribution and compliance management, powering 19 states, hundreds of carriers, thousands of agencies, and more than 1.5 million licensees.
The issues states face
State departments of insurance must navigate a range of challenges, all while balancing the demands of complex regulatory demands, fast-evolving technologies, and cumbersome legacy systems. As pressure to streamline essential services increases, there is a mission-critical need for modern, scalable solutions that enhance services while maintaining public trust.
The solutions Vertafore provides
To address and improve these issues, Vertafore is making strategic investments to expand support for our partners in state governments. We are accelerating innovation in our government solutions, adding new features and capabilities to enhance automation, improve system integrations, and provide superior customer support. These advances reinforce our commitment to empowering states with the tools they need to navigate today’s demands and build a strong foundation for the future.
As the leader in modern insurance technology, Vertafore is committed to being more than just a software provider: We are committed to being a trusted partner. In the years ahead, we look forward to bringing our trusted expertise, service, and solutions to even more state departments of insurance, because the connected network works best when it connects the entire industry.
