Sircon for Carriers selected for inaugural PropertyCasualty360 Insurance Innovator Award
Leading carrier InsurTech solution recognized for simplifying core processes in the carrier-agent relationship
Denver—December 6, 2021—Vertafore®, today announced its Sircon® for Carriers solution has been recognized with a 2021 PropertyCasualty360 Insurance Innovator Award in the technology innovation category.
The first program of its kind from PropertyCasualty360—the leading source of property and casualty (P&C) insurance news, trends, and resources for insurance agents and brokers—the Insurance Innovator Awards honor companies, people, programs and practices that are helping to modernize and humanize the P&C insurance business.
Vertafore’s Sircon for Carriers helps insurers solve long-standing challenges with how they engage and manage their agents. Using integrated tools, Sircon for Carriers simplifies and automates a carrier’s process for on-boarding, credentialing, and compensating their insurance agents—areas that are prominent pain-points for carriers. Simplifying these key functions helps carriers attract and retain top independent agents—an essential factor for carriers to achieve their growth goals.
In its most recent workforce survey of more than 1,000 independent agency professionals, Vertafore found that while agents value their carrier relationships, only 20% of agents report feeling “very satisfied” with their onboarding and only 41% said they “always” understand their compensation packages with insurers.
Sircon for Carriers provides solutions to address these challenges with three integrated tools:
- Sircon Onboarding & Self-Service helps carriers onboard new agents quickly and easily. The tool has modernized the carrier-agent experience with pre-populated application forms, electronic signatures, integration with compliance and credential databases, and online tools that let agents onboard digitally at their convenience.
- Sircon Producer Central enables carriers to automatically ensure independent agents are up-to-date on licensing and meeting regulatory requirements.
- Sircon Compensation allows carriers to manage complex agent compensation models and create tailored, targeted incentive programs to drive growth.
Analysts Hobson & Company surveyed Sircon for Carriers users and reported significant time and money savings, including:
- 50% reduction in time spent licensing and appointing producers, managing renewals, and recruiting and onboarding.
- 10% to 30% reduction in time and cost of managing a distribution management system.
- 25% reduction in state appointment fees.
- 50% reduction in time spent managing compensation.
- A decrease in fines for noncompliance.
The Insurance Innovator award is among many recent accolades Vertafore has received this year, reflecting the company’s purpose to simplify and automate the insurance life cycle by delivering innovative, modern solutions that connect the distribution channel. Sircon for Carriers was also recognized earlier this year as a finalist in the 2021 SaaS Awards for Best SaaS Product for Financial Services.
“The carrier-agent relationship is a pivotal one in insurance, and it is ripe with opportunity for improvement,” said Jon Newpol, Vertafore’s general manager of distribution and compliance at Vertafore. “At Vertafore, we are building solutions that strengthen the relationships between carriers and their independent agencies—enabling carrier success and supporting insurance distribution that’s simpler, smarter and more human.”
As North America’s InsurTech leader for more than 50 years, Vertafore is modernizing and simplifying insurance distribution so that our customers can focus on what matters most: people. Vertafore’s solutions provide end-to-end connectivity, improve the client and agent experience, unlock the power of data, and streamline essential workflows to drive efficiency, productivity, and profitability for independent agencies and carriers. For more information about Vertafore, visit www.vertafore.com.
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