Vertafore Announces AI Document Tool, Adds Private Flood MGA to Personal Lines Rater
At the end of September, Vertafore launched its new Velocity Document Intelligence Agent. Available in Vertafore’s ImageRight, the Document Intelligence Agent is an agentic artificial intelligence (AI) tool that finds and synthesizes relevant information across content it is authorized to access.
A user can ask the agent a question, and the Document Intelligence Agent will scan Word documents, spreadsheets, PDFs, images, emails and other formats to bring together an answer. The AI program’s answer includes source citations.
Use cases include summarizing changes in coverage between policy terms, bringing together claims and loss history to support underwriting, preparing renewals and more. According to Vertafore, test users saw up to a 90% reduction in document search and review time.
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“Insurance professionals spend a huge amount of their expertise just finding the information needed to do their job,” said James Thom, president and chief AI officer at Vertafore. “AI changes that equation. By automating the research and bringing the right information forward, we can remove a major source of distribution drag and give people more capacity for the decisions, relationships and judgment that require their expertise.”
Document Intelligence Agent is built on the Vertafore Velocity AI Platform and joins Vertafore’s other AI agents, including a Reconciliation Agent that matches carrier statements to agency transactions and a Benefits Plan Agent that turns plan documents into structured data.
Vertafore also announced that PL Rating, the InsurTech’s personal lines rater, was chosen by reThought Flood to expand distribution of private flood insurance to independent agencies.
Managing general agent reThought Flood offers specialized flood products, and its partnership with PL Rating will give thousands of independent agencies who use Vertafore technology access to those markets.
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“reThought Flood’s decision to work with Vertafore reinforces the value we deliver to MGAs looking to expand their retail distribution,” said Emily McGinn, general manager of MGA and wholesale at Vertafore. “Our scale, connectivity and deep insurance expertise give MGAs a proven foundation to reach their growth goals and get their products in front of the agencies that need them.”
The expansion comes after FEMA redrew flood maps this summer, meaning that thousands of properties are now inside the high-risk Special Flood Hazard Area (SFHA), according to Cotality.
“We looked at multiple comparative raters, and Vertafore stood out as the gold standard in the insurance industry for agency connectivity,” said Kevin Thoms, director at reThought Flood. “PL Rating gives us access to the network of agents already quoting personal lines every day. We saw Vertafore as the right partner to help us expand our distribution and make flood insurance more accessible to the people who need it.”
AnneMarie McPherson Spears is IA news editor.
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