New analytics tool sets up agencies to provide tailored risk advice, aiding long-term agency growth and client retention
DENVER (May 20, 2021)—Vertafore®, the leader in modern insurance technology, today announced the release of Vertafore MarketTrends™, its latest innovation to put the power of data and analytics into the hands of independent agencies.
Built on Vertafore’s award-wining RiskMatch® platform, MarketTrends surfaces coverage trends, cross-sell opportunities and appropriate markets in an intuitive interface to help agents easily apply the information to their day-to-day interactions with clients. Agencies can also use the tool to explore carrier appetites, evaluate remarketing opportunities and identify the best carrier partners to work with.
The insights are based on the industry’s largest pool of in-force policy data, providing the most recent industry information. Agencies that leverage MarketTrends data can retain clients at a much higher rate and sell significantly more products per client—driving revenue growth and higher client satisfaction.
Eligible AMS360® customers will be able to access to this new value-add solution, at no additional cost, directly from their management system. MarketTrends is included in the latest release of AMS360 enhancements.
“Being empowered with insights into real time premiums for specific industries in a geographic area allows us to win more new business and increase our renewals by demonstrating to our prospects and clients we are placing their business with the most competitive markets,” says Sean Ortega, senior executive of agency operations at United Western Insurance Brokers. “It is also giving us information to manage our carrier relationships because we can show our partners why we place certain lines of business and where we’re competitive.”
Data-backed insights to meet client needs
Traditionally, many independent agencies have faced issues that inhibit growth such as inadequate benchmarking of industry price trends and exposure tendencies, lack of visibility into a client’s new or potential risks and limited insight into carrier appetite and commission rates. With Vertafore MarketTrends, agencies can:
- Access extensive industry and customer insights from the largest, most up-to-date benchmarking database.
- Spot cross-sell opportunities and improve renewals by showing clients how their coverage compares to insureds with similar risks and needs.
- Create more compelling proposals for prospects with targeted information that addresses their coverage needs.
- Identify the best carriers to place different lines of business, based on carrier appetite, financial soundness and commissions.
“MarketTrends enables agencies to access the most comprehensive, up-to-date market data and immediately put it to work to grow their business and service their clients,” said James Thom, chief product and data officer at Vertafore. “As one of our customers often says, the best way to displace a competitor is to show up with better data. This tool gives our customers the resources and information to stay ahead of their competitors.”
MarketTrends at Accelerate, powered by NetVU
Vertafore MarketTrends is part of Vertafore’s expanding portfolio of data and analytics tools purpose-made for the insurance distribution channel. Vertafore’s latest offering unlocking the power of data from $135 billion in premium and 150 million policies, updated every 24 hours, and turning it into relevant insights.
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) are presenting Accelerate, powered by NetVU, May 18–July 1, 2021. During Vertafore’s virtual kickoff event, May 25–27, attendees will get an in-depth look at Vertafore’s latest innovations, including MarketTrends.
As North America’s InsurTech leader for more than 50 years, Vertafore is modernizing and simplifying insurance distribution so that our customers can focus on what matters most: people. Vertafore’s solutions provide end-to-end connectivity, improve the client and agent experience, unlock the power of data, and streamline essential workflows to drive efficiency, productivity, and profitability for independent agencies and carriers. For more information about Vertafore, visit www.vertafore.com.
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