Vertafore Launches AI Tools to Enhance Efficiency for MGAs

Vertafore, a Denver-based insurance software provider, is set to launch two artificial intelligence tools aimed at enhancing efficiencies for managing general agents (MGAs).

These AI-driven innovations promise to transform the underwriting landscape by drastically reducing the time and effort required to review applications and configure insurance programs. The first tool, known as the Change Request Agent, focuses on renewing and endorsing applications by identifying and summarizing necessary amendments. This tool's trials report a potential reduction of up to 70% in review time, along with a notable 98% decrease in errors and missed changes. Meanwhile, the Configuration Agent enables administrators to convert changes in insurance programs into plain language for system input. This process, typically a lengthy and detailed task, is projected to see a 65% reduction in time requirements.

Implications for Insurance Professionals

The introduction of these AI tools by Vertafore signals a significant shift towards automation within the insurance sector, specifically targeting routine and time-consuming tasks. For underwriters, this advancement paves the way to devote more time to core underwriting activities that require professional judgment and expertise. Moreover, as the industry increasingly adopts AI-driven solutions, stakeholders may witness improved accuracy in policy documentation, fewer discrepancies, and enhanced customer satisfaction—factors that could potentially redefine competitive advantage in the marketplace.

Upcoming Developments

In addition to the two primary tools, Vertafore has announced a future addition called the Policy Check Agent. This tool promises to analyze discrepancies between issued policies, the original applications, and policy records, further optimizing the underwriting process. Although a release date has not been provided, such a tool could play a crucial role in ensuring accuracy and compliance within insurance workflows, preventing costly errors and regulatory challenges.

"It’s essential that underwriters focus on core underwriting activities rather than routine tasks."

Emily McGinn, General Manager, Vertafore MGA and Wholesale Operations