Vertafore Launches AI-Driven Tool for Enhanced Submission Processing

Vertafore, a leader in insurance technology solutions, has launched an innovative AI-driven tool intended to enhance submission processing for managing general agents (MGAs). This initiative is part of their ongoing commitment to streamline workflows in areas such as distribution, compliance, and operational management. The new Velocity AI Submission Processing Agent is pivotal to Vertafore’s Velocity AI Platform, converting unstructured submission data from emails, PDFs, and spreadsheets into structured data, enabling underwriters to assess submissions effectively.

Submission processing is notorious for its complexity, often requiring manual reviews, data entry, and further inquiries to complete missing information before risk assessments can commence. Vertafore’s automated solution addresses these inefficiencies by expediting the initial stages of submission handling, significantly reducing processing delays. The system verifies submission completeness, identifies data gaps, and generates follow-up requests, easing administrative burdens for MGAs, brokers, and agents. Early adopters have reported an impressive accuracy level of 87%.

The launch aligns with a growing trend toward integrating AI tools to streamline underwriting workflows. By simplifying submission handling, underwriting professionals can focus more on risk assessment rather than administrative tasks. Dan Rieden of XPT Specialty highlighted the system’s capability to process submissions as received, without requiring rigid templates. Emily McGinn, Vertafore’s general manager for MGA and Wholesale, emphasized the strategic role of AI in enhancing underwriting efficiency, allowing MGAs to focus on optimizing their core competencies for greater value creation.