The property and casualty insurance market is changing fast. Is your insurance organization keeping pace or is your insurance technology inhibiting your ability to take advantage of emerging opportunities?
If you’re interested in agile insurance technology that facilitates direct-to-consumer selling, distribution management and mobile engagement, take a closer look at Silvervine Software. Our insurance technology is the platform of choice for many of the nation’s most sophisticated insurers and MGAs. We’d love the opportunity to help you more effectively compete by implementing a complete suite of innovative and integrated insurance software solutions.
Take a quick look at the Silvervine Solution and see how we can help you address your industry challenges.
According to a recent J.D. Power conference in Chicago, over the next three to five years we can expect several trends to take shape in property, casualty and auto insurance. Here are the highlights.
Legacy systems, an Achilles heel amid rapid tech evolution
Not to paint with too…Full Story
Millennials are the largest generation in the US. It’s no mystery why insurers are eager to win their business. The trouble is, they’re also the hardest to please.
“Of all the generations, millennials ... are the least likely to be fully engaged – and the most likely to be…Full Story
Is your insurance technology treasure richer when homegrown or outsourced? That can be a sticky question; there are pros and cons to both approaches. Furthermore, there’s little middle ground. Most companies find it necessary to make an either/or choice. In this post, we’ll…Full Story
In a recent whitepaper, Ovum revealed a major vulnerability buried in the back end of many insurance IT environments. (As it turns out, what you can’t see can hurt you.)
After conducting in-depth interviews with 530 senior insurance decision-makers across the world in the…Full Story
We've said before that insurance disruption can be a positive force, and we’ll say it again. Still, no one ever said it was easy. Today, let's take a look at two big disruption trends that are percolating through the insurance technology conversation, and explore what insurers…Full Story
According to recent surveys conducted by Pew Research Center, smartphone adoption is on the rise. It's even giving broadband a run for its money, which goes to show just how mobile Americans have become. P&C insurers, take note. This may impact your insurance software strategy.
A C-level exec called "direct" a dirty word to Shefi Ben Hutta, contributor at Insurance Thought Leadership. We respectfully disagree. To be sure, selling insurance direct does constitute a break from the conventional industry approach. As such, it’s disruptive. But to make a…Full Story
According to the tech news source, Information Management, the phrase "big data" has become the biggest turn-off in IT job ads – and there's a good reason.
It’s dated. When the analytics startup Textio tracked 50,000 phrases commonly used in tech job listings, it found that…Full Story
It's one thing to have data. It's another for your data to pull its weight.
The reasoning is simple: if you had all the data in the world but couldn't access it, would it do you any good? If you had all the data in the world but couldn't derive actionable insights from it, same…Full Story
Telematics. Cyber risk. Price- and value-comparison websites. Self-driving cars.
Yet some, including Todd…Full Story
Mobile devices aren’t just useful tools. They’ve become a way of life. Smartphones and tablets have transformed so many daily processes – from shopping, to sharing, to managing tasks – that they’ve wholly redefined the way people navigate their lifestyles.
The mobile…Full Story
The Internet has changed many things over the last few decades, not the least of which is customer expectations.
Loads of free content, a dizzying array of options, highly-efficient comparison aggregators and instantaneous, anonymous results have, shall we say, raised the bar.…Full Story
The FedNat Insured Web is a great tool for our insureds!
They like having a centralized location to view policy info, make payments, upload policy documents, and elect to become paperless to receive a discount.
The insureds also can file a First Notice of Loss for a claim and access exiting claim info. Silvervine recently enhanced the site which allows insureds to upload policy documents directly to their policy. The uploaded docs go directly into our workflows and save a lot of manual effort on our part.
From my visits with agents, the agents appreciate the app for the amount of time saved on having to download and attach photos directly to the policy.
The app can also reduce the amount of staff required for a busy office to fulfill underwriting requests for photos.
When training agents they are amazed at how quickly the photos attach directly to the policy. After taking photos using the app and before they make it back to their desk, the photo is already attached to the policy. They also like the ability to attach additional photos for pre-existing damage.
Customer Service is seeing an improvement with retention as the text message definitely triggers phone calls from insureds to make payments.
The insureds love the fact that we notify them on their phones because they state that sometimes they don’t receive their mail for various reasons.
The insureds are paying more attention to the texts then to their actual mail. We try to set all of our customers up on that option if we notice that they are not currently enrolled, as it builds great customer relations as well as retention.
As a company we have adopted the use of Policy Scan for all our policies, and our agents have adopted the use of the app as well.
Not only is it easy to use, there is also no more worrying about losing photos, having to store photos or photos being attached to the wrong policy.
With Policy Scan we have increased efficiency in our workflow and reduced our exposure on the risk.
Silvervine’s core administration solutions easily handles multiple carriers within multiple states, including accounting, payment processing, immediate policy issuance and endorsements.
What started out writing one product, one line in one state has now grown into mulitple products, multiple lines and writing in multiple states. We have over $95 million in annualized premium in-force and we expect to grow by 20% during the next year all serviced by Silvervine.
Silvervine was our insurance software system of choice when we started the company in 2006. Silvervine enabled us to begin business within a few months of licensing the company. Today, we are one of the top 20 homeowner’s writers in Texas and SIlvervine’s solutions have been an integral part of our success.