Bothell, WA –May 28, 2014 –Vertafore, the leading provider of software that transforms the business of insurance, today introduced a major upgrade across its entire portfolio of comprehensive and technologically advanced agency solutions for small, mid-size and enterprise insurance agencies. Based on demand by Vertafore’s customer base of over 20,000 insurance businesses, the Sagitta 2014, Vertafore Agency Platform 2014 and AMS360 2014 solutions incorporate the latest in cloud, data, mobile and automation technologies to help today’s modern insurance agencies increase operational efficiencies and grow profitability. With over $50 million invested into product development annually, the new wave of agency solutions demonstrates Vertafore’s commitment to driving the success of independent agencies of all sizes.
Technology investments are at an all-time high for insurance providers looking to software and IT solutions to innovate and optimize every facet of their organizations. In fact, the total insurance IT spending across North America, Europe, Latin America, and Asia-Pacific is expected to reach $162.1 billion in 2014, with continued growth to $176.7 billion by 20161 . Despite increasing budgets, Ernst & Young reports that 80% of insurance executives see themselves as technology laggards in customer engagement, analytics and adoption of mobile. To alleviate these hardships, Vertafore breaks the mold of traditional insurance software by incorporating cloud, mobile and big data capabilities into their technologies – providing the industry’s most advanced, comprehensive portfolio of solutions for agencies to maximize performance and drive profitability.
A recent Gartner market share analysis has ranked Vertafore second as the top 12 self-serve insurance vendors (VSS) worldwide for 2012 and 20132 . Today, over 20,000 insurance businesses use Vertafore, including 96% of the top independent agencies, 80% of carriers, and 13 of 25 leading brokers. In addition to the company’s recent partnerships with DocuSign, Progressive and the National Flood Service, the new enhancements in Sagitta 2014, Vertafore Agency Platform 2014 and AMS360 2014 solidify Vertafore’s leadership position.
Sagitta 2014
As the only customizable enterprise-level solution in the market, Sagitta 2014 is designed for scalability and provides an extensible architecture to meet the unique needs of enterprise-class agencies. Sagitta 2014 includes enhanced services at scale, such as access for remote users, analyzing and managing multiple lines of business, 3rd party application integration, and custom development capabilities – all showcasing the strength of the Sagitta product. As part of the new Vertafore Enterprise Suite, Sagitta 2014 works in tandem with integral agency products such as WorkSmart, BenefitPoint, and PL Rating to deliver user efficiencies unique to complex agency processes and tasks.
“I've been a Vertafore customer and Sagitta user since 1997, and our agency has built our business and processes around the Sagitta solution,” said Beth Jerauld, Senior Vice President of Mesirow Insurance Services, one of the largest independent insurance brokerages and consulting firms in the Chicago area, ranking among the top 40 in the country. “The new enhancements are incredibly advanced, customizable and scalable, allowing us to continue meeting the growing needs of our enterprise. The developmental efforts going into the Sagitta product are core to achieving our goals, and we’re looking forward to seeing additional innovations unfold in the coming months.”
Vertafore Agency Platform 2014
Since introducing the Vertafore Agency Platform in March 2013, the company has signed one new agency customer per day, signing more than 500 incremental new users each month. To help agencies overcome the challenge of managing disparate technologies even more, the Vertafore Agency Platform 2014 now offers an integrated single application experience that allows independent agents to make accurate business decisions and efficiently execute work tasks. New enhancements include Vertafore Single Sign-On, Vertafore SmartFlows, and a new “My Agency Home” dashboard that offers a personalized summary of each agent’s work status – including key tasks and outstanding issues. This automated guidance also helps reduce human latency and errors that hinder excellence in client service.
"Transitioning to the Agency Platform was a no-brainer, particularly due to the seamless integration of our core business applications and advanced reporting functionalities,” said Whitney Malone, Agency Operations Specialist at Gardiner Allen DeRoberts Insurance, one of the nation’s largest, locally owned independent insurance agency supporting clients in all 50 states. “Since making the switch, our agents can manage leads and sell more effectively, resulting in exponential revenue growth.”
AMS360 2014
As the most cost-effective standalone agency management system, AMS360 is a starting point for fast growing agencies before upgrading to the Vertafore Agency Platform. Currently serving over 60,000 users, AMS360 2014 offers a rich set of new features that helps agencies drive revenue growth and better serve customers, including new accounting, billing endorsement processing, and on-demand access to ACORD forms. AMS360 2014 also supports the latest PC software versions, including Windows 8.1, IE 10 and 11.
“Not long after taking over our family-owned agency, it became apparent that technology could resolve a majority of our day-to-day inefficiencies,” said Rex Caton, CEO of Caton-Hosey Insurance Agency, known as Florida’s most respected property, casualty and benefits insurance agency. “Vertafore’s agency solutions put us ahead of competition and have played a significant role in helping achieve our business goals. AMS360 allows our team to automate processes, and spend more time focusing on client needs and improving the customer service experience.”
“The insurance industry is on the cusp of a major digital transformation, and Vertafore is leading the charge through the innovations we are bringing to market today. As we’ve witnessed in other fast moving industries like financial services, agility and automation have a profound impact on the bottom line,” said Alex Lintner, CEO of Vertafore. “Our software helps independent agencies leverage the latest advancements in cloud, data and mobile, to increase efficiencies and maximize day-to-day operations that move the needle for their business.”
From customer and policy management to producer licensing, reference materials, and real-time rating, no other insurance software company offers end-to-end solutions designed to make the modern independent agency more profitable today and into the future.
To debut Sagitta 2014, Vertafore Agency Platform 2014 and AMS360 2014, Vertafore will host a live webcast on May 28 at 10:00 am PDT. Attendees will experience live product demonstrations, hear customer testimonials and Q&As with Vertafore executives. In the coming weeks, Vertafore will also host separate, in-depth webinars for each product line.
1 - Celent, “IT Spending in Insurance: A Global Perspective.” By Wenli Yuan, Karen Monks, Jamie Macgregor, Juan Mazzini, April 7, 2014
2 - Gartner, “Market Share Analysis: Insurance Vertical-Specific Software, 2013.” By Derry N. Finkeldey, Jennifer Mazzucca, April 17, 2014
About Vertafore
Vertafore’s comprehensive insurance management software solutions lead brokers and carriers to adapt to an evolving insurance industry to efficiently scale their businesses through deeper access to information and insights. The Vertafore product line is built on a platform, empowering customers and other solution providers to adapt and thrive as the market changes. Vertafore’s platform features fast innovation, partnerships with the best 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.
About RiskMatch
RiskMatch is a business intelligence and analytics company that delivers a suite of web-based solutions for insurance brokers and underwriters throughout the U.S. Its patented platform delivers an array of portfolio management, analytic and data management services designed to enable brokers and underwriters to enhance performance, reduce costs, facilitate growth, and improve their client service capabilities. For more information, visit the RiskMatch site.