Have you heard? In 2017, Silvervine quietly rolled out and tested the most innovative version of it policy administration system yet: Silvervine 6.0.
This mid-market solution takes everything that customers loved about 4.0 to the next level. The first thing you’ll notice is the user experience. Screens are sleek and intuitive with navigational features that dramatically reduce training time, and there are comprehensive help screens ready to serve in any area that proves tricky.
If you look beneath the hood, you’ll discover a new menu structure that dynamically presents to each user, based on permission and user type. Forms are now managed in PDF format, and there are new claims, workflow and workbasket modules to supercharge your team’s efficiency.
Power users can now open and navigate between multiple tabs at once and third-party integrations now open in a separate screen. It’s like Disneyland for insurance underwriters, but your IT team will be equally inspired. Silvervine 6.0’s new coding structure puts power at their fingertips. They can set and manage permissions and adjust underwriting business rules on the fly, without the need for programming support. Maintenance and updates are faster and easier too.
At the helm of your operation, your marketing team will be like a kid in a candy store. With Silvervine 6.0, the sales and distribution possibilities are endless – almost. Yes, you can sell direct-to-consumer. Yes, you can offer agents and policyholders a branded mobile app. Yes, the system delivers real-time policy data synchronization, so agents and policyholders see the same information that underwriters see. And, yes, you can add new products, lines of business and states easily, thanks to the program’s modular coding structure.
What about the accounting team? They will respect 6.0 too. This system is even more architecturally sound than 4.0, making it easy to balance and reconcile for month-end reporting, auditors and financial rating bureaus. It’s also easy to extract data with a wide range of data querying capabilities. If you crave intelligence on demand, 6.0 delivers.
One standout in the midst of all this robust functionality is a new rate modeling simulator, which verifies rate adequacy, and helps you project the planned impact of pricing changes.
The insurance industry is changing fast. Are you ready to capture new opportunities? If your policy administration system is struggling, look closely at Silvervine 6.0. It will take you to the future. Would you like to learn more? Download our Momentum brochure or request a Silvervine 6.0 demo.
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.