Market Connectivity: Our Take on the Evolving Landscape
When it comes to market connectivity, it takes two to tango. Both agents and carriers are responsible for fostering a mutually beneficial relationship to create stronger partnerships and a distinct customer experience. And at Vertafore, it’s our job to facilitate this connection. For over fifty years, Vertafore has been closely tied to the insurance industry and at the center of ever-evolving trends, market growth, and technology adoption. Each year we host an event we call the Vertafore Connectivity Forum (VCF), which for the past 15 years, has brought forward-thinking brokers and carriers together to share their perspective on current connectivity challenges, where they are investing, and the future of connectivity for our industry.
This year’s VCF, featured during our first-ever Summer of Accelerate Carrier Week, was certainly one for the books. I had the honor of moderating this year’s panel of esteemed industry professionals from both the independent channel and a number of our carrier partners. So, what did they have to say about the current state of market connectivity? Here are my top 3 takeaways from the conversation.
1) Commercial lines submissions have come a long way, but there’s still work to be done
The submissions process has long haunted the insurance industry. Although it seems like almost every aspect of our lives is digital and instantaneous, much of the commercial submissions process is painstakingly manual, and data entry and rekeying create massive inefficiencies for all players involved. With Commercial Submissions, powered by Vertafore, we’re revolutionizing the way brokers interact with their carrier partners. Agencies can submit to multiple carriers at once, compare quotes in seconds, and bind instantly – all without ever leaving the AMS. There’s still much work to be done, but we’re closer than ever before.
2) When it comes to carrier credentialing, technology solutions are your friend
For an agent, managing and remembering individual login credentials to each of their carrier websites can be a bit of a hassle. Solutions like SignOn Once by the non-profit organization ID Federation are on the front lines of this issue, eliminating the need for multiple passwords and identities. And tools like these don’t just benefit brokers. Fewer login issues mean fewer customer service calls for carriers, agencies, and even us, the vendor, which means more time for other tasks. A win-win for all!
3) Carriers are focusing on solutions to support agency interactions with the end insured
At the end of the day, we’re all in insurance for one reason: to help people! Many carriers are at the forefront of innovation, helping their agencies make smarter connections with their customers. Carrier originated alerts that are pushed to an agency’s management system are providing a faster way for agencies to receive customer information. For example, if a customer makes a change to their auto policy, that change is sent directly to the agency via an alert within the AMS so they can touch base with their customer on the spot. This is just one of the examples of how carriers are working to create a stronger relationship with their agency partners.
Market connectivity is just the tip of the iceberg of what we’re focusing on at Vertafore. Our mission remains clear: simpler, smarter insurance distribution for every stakeholder. If you couldn’t join us for VCF this year, and you’re interested to hear more about our stance on the current state of connectivity in the industry and what your peers had to say, you can view the entire session on-demand at carrierweek.com. And to learn more about our other initiatives, visit our website at vertafore.com.
Dave currently leads the Rating, Connectivity & ReferenceConnect businesses at Vertafore. A fifteen-year Vertafore executive, Dave has led the resurgence of the company’s rating business driving its PL Rating product as the industry’s leading real-time, multi-carrier personal lines rating solution. In 2010, he was honored by NetVU as the first Vertafore employee to be presented with the Wade S. Dunbar Jr. award for his commitment and efforts in providing significant contributions to insurance industry automation. Over his 25-year career in the insurance and automation field, Dave has held leadership positions with several insurance carriers and automation companies. An active committee member with the Agents Council for Technology (ACT), Dave is a graduate of the State University of New York and currently lives and works out of Franklin, TN.
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