Independent Insurance Agencies Accelerate Growth by up to 3X with Vertafore’s Vision to Modernize the Agency
New data shows agencies that adopt Vertafore’s award-winning InsurTech solutions outpace industry revenue and profitability growth; virtual conference will provide a roadmap for modernization that’s proven to drive growth
DENVER (June 4, 2020) — With an ever-increasing array of InsurTech choices, many independent agencies report they are struggling to select the solutions that will truly enable their growth, now and in the future. Today, Vertafore released new data that shows agencies who invest in four key pillars of modernization, supported by the company’s InsurTech offerings, can see up to three times the revenue and profitability growth year-over-year compared to industry averages.
To help more of North America’s approximately 36,500 independent agencies achieve this result, Vertafore announced its Modernizing the Agency initiative to empower agencies to:
- Offer a client digital experience that puts policy data and simple transaction capabilities in the palm of customers’ hands in the mobile app experience they’ve come to expect.
- Implement robust agency management solutions that enable efficiency and visibility to drive profitable growth and empower employees.
- Access market connectivity solutions that simplify the insurance lifecycle and get agents and the end-insured the information they need to make policy decisions immediately.
- Leverage data and insights for enhanced customer intelligence, informed risk advisory and automated workflows.
Vertafore plans to unveil its Modernizing the Agency strategy, as well as a series of related product and feature announcements, during the virtual kickoff event for the Summer of Accelerate, powered by NetVU, June 9 – 11.
“Vertafore has long been a champion of the independent agent. Now, we’re pushing ahead to deliver a comprehensive vision for agency modernization that streamlines and simplifies the insurance lifecycle for agencies and the end-insured,” said Vertafore CEO Amy Zupon. “By investing in new features, capabilities and education around the four most essential pillars of modernization—the client digital experience, agency management, market connectivity and data and analytics—we aim to help more agencies achieve sustained business growth.”
Award-winning products that deliver proven value
Agency modernization has become a mandate for independent brokers as direct-to-consumer providers, customer expectations and talent recruitment challenges converge to drive pressure to innovate. In response, Vertafore continues to deliver award-winning, best-of-breed solutions that are transforming both agency operations and the industry itself.
For example, InsurLink™—Vertafore’s new self-service, end-insured facing mobile app and web portal—just earned a 2020 Stevie Award for Best Insurance Solution. By eliminating barriers to launching a mobile app strategy, InsurLink levels the playing field for small independent agencies, allowing them to offer the same sleek digital solution as the big carriers at a fraction of the time and cost.
Since its launch in March, an average of 14 agencies per day have signed up for InsurLink. The solution has already been shown to improve agency customer retention by up to 5%, reducing client churn and allowing agents to spend more time providing client risk advisory and consultation services with less time spent on mundane, transactional tasks.
Summer of Accelerate provides roadmap for growth
To help agencies build their modernization strategy, get the most out of their existing Vertafore products, and engage with experts and peers, Vertafore and the Network of Vertafore Users (NetVU) have transformed their annual user conference, Accelerate, powered by NetVU, into the Summer of Accelerate to provide three full months of free, virtual content.
During Vertafore’s virtual kickoff event, attendees will get a sneak peek at Vertafore’s latest innovations. With online events covering workflow automation, new seamless commercial submission solutions, ratings and carrier connectivity, and how to better leverage data and analytics, the event offers something for everyone.
A foundation for success
Agency modernization requires more than just buying software; it includes adopting streamlined workflows and tapping into insights to make faster, smarter business decisions.
To deliver on this strategy, Vertafore is launching more new product features than ever, releasing 50% more features than just a year ago. With more than 1,000 new features on the docket for 2020, the company is on track to outperform its own industry benchmark once again.
“As our industry adjusts to a post-pandemic model, it’s clear SaaS technologies are essential for empowering agents to continue serving clients even when they can’t be in the office,” Zupon said. “As agencies plan ahead for what the ‘new normal’ might look like, having a modern, digital-first approach will be essential. That’s why our Summer of Accelerate is so important right now, to give agencies the strategies and tools they need to meet their customers’ expectations today and down the road.”
To learn more about agency modernization and the Summer of Accelerate, visit summerofaccelerate.com.
For 50 years, Vertafore, the leader in modern insurance technology, has built and supported superior Insurtech solutions to connect every point of the distribution channel. Vertafore’s agency management, ratings, regulation, compliance, data and analytics, and connectivity products streamline workflows, improve efficiency and drive productivity for more North American insurance professionals than any other provider – including more than 20,000 agencies, over 1,000 carriers and 23 state governments. Through a continual focus on operational excellence, development of innovative solutions, and alignment with key industry partners, Vertafore is leading the way for customers of all sizes by delivering results that make a difference. For more information about Vertafore, visit www.vertafore.com.
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