ATLANTA, May 17, 2018 /PRNewswire/ -- Vertafore®, the leader in modern insurance technology, today announced a number of significant product releases and updates at Accelerate, powered by NetVU™, the annual Vertafore user conference and one of the nation's largest gathering of insurance professionals. Vertafore is reinventing the industry with new updates for AMS360®, its market-leading agency management system, and ImageRight®, the premier content and workflow management solution for the insurance industry. These innovations are focused on driving process efficiency that help customers improve their business to become an agency of choice or a carrier of choice.
"We are committed to continuous improvement that empowers both our agency and carrier customers to work hand-in-hand to drive growth and profitability," said Sharmila Ray, senior vice president of product and strategy at Vertafore. "With these updates to our most popular products, we are solving real business problems and preparing agents and brokers for the future."
According to McKinsey & Company, 80 percent of insurance companies that have made significant progress on digital transformation have done so by transforming their existing core business. By harnessing the power of technology, insurance carriers and agencies are able to transform the way they operate in order to deliver choice and convenience to their digitally savvy customers.
"Vertafore delivers on its commitment to constant improvement and innovation," said Brent Rineck, chief information officer of ABD Insurance and Financial Services. "As our needs change and as the industry continues to face disruption and uncertainty, we rely on Vertafore integrated solutions to compete and win in this market."
A new direct integration with AMS360 online delivers the capability to create commercial P&C proposals unlike any seen in the industry to date. AMS360 Proposal Builder automatically combines accurate information from the management system with branded templates to generate client-ready proposal documents. Brand and template libraries standardize content across divisions and lines of business for professional, consistent results. This enhancement to AMS360 significantly improves production quality of proposals, reduces liability risk to data entry errors and omissions, and could save producers up to at least 50 percent of time normally spent on each project.
Automatic eDocs Processing
Automatic eDocs processing with AMS360 online streamlines agency-carrier connections by providing the most accurate policy documents throughout the lifecycle in a secure, direct, and real-time communication path. Documents shared between carrier and agency are automatically attached to a client policy, which eliminates time spent manually routing eDocs messages, attachments, and downloads. Automated eDocs Processing offers the potential for up to a 50 percent reduction in the time it takes to perform these administrative tasks, thus providing more time to spend more time managing the business and serving customers.
In addition to these major new capabilities, AMS360 includes numerous enhancements directed towards saving time on routine but critical tasks. Two of the biggest time savers are tracking business origin to align commissions to business type and origin and automation of bulk customer communications. The update has many accounting and reporting improvements.
Business Process Analytics
Business Process Analytics is a visualization tool that provides ImageRight users with insights into historical process data, allowing leaders to get a better understanding of seasonal workloads, improve efficiency, better allocate resources, and plan for the future. As a result of the data and analysis highlighted by the ImageRight Business Process Analytics tool, managers interviewed reported the potential to identify how to free up to 20% of their capacity during off-peak periods and reduce the variability in time to complete tasks by up to 12%. As a result, they expect to have more time to drive growth and deliver better customer service.
Optical Character Recognition
Optical Character Recognition (OCR) digitally extracts, validates, and classifies images of typed, handwritten, or printed text into machine-encoded text. OCR of structured forms not only reduces the time and cost of manually indexing incoming emails but also improves data accuracy while eliminating user errors. Additionally, OCR reduces time between information arrival and when it reaches intended personnel within an organization, thus saving several hours of manual work during the day.
Vertafore solutions are relied upon by 96 of the top 100 agencies, 80 of the top 100 carriers, and a community of over 500,000 users. To learn more about Vertafore's suite of integrated solutions, visit: www.vertafore.com/solutions.
Vertafore's comprehensive insurance management software solutions allow participants in the insurance distribution channel to adapt to an evolving insurance industry by efficiently scaling their businesses through deeper access to information and insights. The Vertafore platform features fast innovation, partnerships with leading technology companies, and customizable solutions to help companies remain independent during a time of industry disruption. As the leader in modern insurance technology with the largest customer base in the industry, Vertafore connects every point of the distribution channel, from agencies and carriers to MGAs, MGUs, and state governments. For more information about Vertafore, visit www.vertafore.com, read the company's blog, and follow the company on Twitter, LinkedIn, and Facebook.
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