Revolutionizing Policy Data Management with AI Tools from Vertafore

Vertafore has launched two innovative AI-driven tools designed to revolutionize policy data management and verification within insurance agencies.

The introduction of the Velocity Policy Intake Agent and the Velocity Policy Check Agent marks a significant step forward in the adoption of artificial intelligence in the insurance industry. These tools aim to alleviate the administrative burdens faced by agencies, allowing them to streamline operations and enhance efficiency. Traditionally, manual data entry and verification have consumed significant agency resources, but these new AI solutions promise substantial time savings and improved accuracy.

Transforming Policy Data Management

The AI-powered Velocity Policy Intake Agent extracts policy details from various documents and integrates the data into an agency management system (AMS). This automation reduces the need for staff to perform routine data entry, thereby freeing up resources for more strategic activities. During Vertafore’s initial testing, the tool demonstrated impressive time savings of up to 87% in policy intake processes.

On the other hand, the Velocity Policy Check Agent focuses on data verification. It systematically reconciles carrier-issued policies with AMS records, identifying discrepancies and proposing necessary adjustments. This approach not only saves time—achieving up to 90% time savings in policy verification—but also reduces the risk of errors that could lead to customer dissatisfaction or legal liabilities.

AI Integration in Insurance Operations

The introduction of these tools is not an isolated event but part of a broader industry trend towards integrating AI into complex operational workflows. With the rising volume of policy documents such as declarations and applications, AI offers a scalable solution to managing this data efficiently without compromising on accuracy or oversight. The AI agents enable agencies to maintain a comprehensive and reliable system of records, a critical component for effective business operations.

“Agencies depend on policy information every day... these agents strengthen the AMS as a truly effective system of record.”

Real-World Impact and Agency Strategy

Vertafore’s AI tools are currently operational with AMS360 and are accessible to Sagitta users in early access, providing agencies with the opportunity to experience the benefits of AI-driven efficiency. The structured data generated by these tools supports other agency functions, including endorsements, quoting, and proposals, all integral to Vertafore’s overarching Agentic Agency strategy.

Feedback from the field has been overwhelmingly positive. Professionals like Ali White from Accountable Insurance Partners and Crystal Meador from Biltmore Insurance Services have cited significant efficiency gains and the ability to redirect focus on client-centric tasks, underscoring the practical benefits of these AI solutions.

Key Benefits and Implications

• Time Savings: Up to 87% reduction in policy intake and 90% in policy verification.
• Error Reduction: AI-driven accuracy minimizes inconsistencies and legal exposure.
• Resource Reallocation: Frees staff for strategic and client-focused activities.
• Strategic Integration: Supports broader agency operations, enhancing overall productivity.

Vertafore’s AI innovations not only exemplify the potential of technology in transforming insurance operations but also set a precedent for future developments in agency management systems, enabling professionals to focus on what matters most: serving their clients effectively.