AmTrust joins Vertafore’s Commercial Submissions platform
AmTrust Financial has announced that it has joined Vertafore’s Commercial Submissions Platform.
Vertafore’s main ambition is to rapidly improve market connectivity across the insurance distribution channel. It only recently revealed the first release of its new platform “to its carrier and agency design partners on the project”, indicating that the project is a long-standing ambition.
AmTrust Financial has been working in collaboration with Vertafore to innovate and develop a solution to the problem, while helping to build out the organisation’s connectivity architecture, in an effort to ensure the future success of the platform.
“We are so excited to provide our customers with a smarter way to process their commercial submissions in a way that benefits the entire distribution channel," said Amy Zupon, CEO of Vertafore.
"With Commercial Submissions, insureds can expect a better experience with faster, easier access to the right commercial coverage. Independent agents can close more business, increase profitability and free up bandwidth to advise their clients. And carriers can deliver more of their products and be a partner of choice to their agencies.”
As it stands, Vertafore Commerical Submissions is an insurtech solution that will help connect the end-insured, agents, and carriers in real-time. The data exchanges will be live and, subsequently, binding on commercial policies across businesses of every type and size. Through the use of live collaborative tools and data analytics, Vertafore should be able to “solve the process of quoting and securing coverage for commercial insurance needs.”
"AmTrust’s partnership with Vertafore is another exciting step in our commitment to innovation and our dedication to [delivering a truly] digital experience to our agents," added Chris Foy, EVP & Head of North American Commercial at AmTrust.
Startup spotlight: SIMON adds Nationwide to its platform
Headquartered in New York, SIMON has a singular goal: transforming the digital experience for financial advisors and unlocking greater levels of service for their clients. It achieves this through:
- A comprehensive platform featuring a full suite of digital tools
- On-demand education
- An “intuitive” marketplace
- Real-time analytics
- Lifecycle management
The company’s fusion of cutting-edge tech with leading expertise is resulting in a new industry standard, one that is simplified, codified, and consolidated within a single ecosystem.
Creating value for financial advisors
At the time of writing, SIMON works with over 85,000 finance professionals who collectively manage more than US$3tn in assets.
The startup’s solutions include:
- Spectrum: A multi-dimensional framework that quantifies the risk profile of investments using five metrics - protection, upside, liquidity, simplicity, and history
- An investment platform: Featuring risk management tools, over 90 educational videos, inclusive product training, a compliance tracker, and more.
- Analysis tools
Furthermore, SIMON’s quality as an organisation is attested by both its awards (such as being listed among the NYC Annual Awards’ ‘Best Places to Work’ category) and the status of its investors. So far, these include Barclays, JPMorgan, Prudential, Goldman Sachs, HSBC, and others.
Another high-profile name has now been added to SIMON’s list of associations: Nationwide. The Fortune 100 US insurance firm has been added as a carrier to SIMON’s marketplace. Nationwide, which is almost a century old, is an ideal fit for an insurtech focused on delivering broad solutions and expertise in a rapidly evolving sector.
Protecting peoples’ financial futures
Regarding this latest partnership, Scott Beshany, Chief Distribution Officer at SIMON, said, “Nationwide has an incredible history of innovation and advocacy and we couldn’t be more thrilled to collaborate with their team and make their products available in our Marketplace.
“Both firms are strongly aligned in the value we seek to create for financial professionals. SIMON’s dedication to delivering intuitive technology that builds simplicity and transparency around annuity offerings supports Nationwide in its mission of helping people prepare for and protect their financial future.”
Craig Hawley, Head of Annuity Distribution at Nationwide, expressed similarly positive sentiments about the collaboration:
“Nationwide has a decades-long track record of incorporating smart technology into the financial professional’s day-to-day workflow. This is another big step forward in that effort, with a proven, innovative partner at our side.
“With SIMON’s platform, financial professionals can seamlessly integrate a range of annuities into their holistic planning process, creating greater efficiencies for their practice and a more comprehensive wealth management experience for their clients.”
Images sourced from respective companies