Exceeding Your Needs
Business today operates at light speed in a first-come, first-serve world where consumers drive product and service standards. For MGAs, modern technology not only provides the ability to acquire new business and retain existing customers, but the ability to improve bottom line profitability, provide insurers with market capacity, and increase new business through line of business expansion.
Silvervine's insurance software solutions automates manual processes, reduces redundant data entry and streamlines operations within every department of your organization. With a greater ability to speed new business processing, improve connectivity for better customer service, increase product accessibility through portals, MGAs that can increase your overall quote to bind ratio.
So, what's happening with autonomous vehicles lately? Buckle up, because it's time for another news roundup.
Questions remain about individual insurance premiums.
According to a report by the Casualty Actuarial Society's Automated Vehicles Task Force (CAS AVTF), it's high time to…Full Story
Instant comparison shopping. 24/7 service. Quotes in minutes. Just think, where would you be tomorrow if the Internet disappeared today? The truth of that point is so telling, it's a bit of a bore to remark on how thoroughly the Internet has changed the face of business. Yet, in…Full Story
Insurers collect a great deal of consumer data making them a prime target for cyberattacks. In fact, a report by Accenture found that insurers are hit with an average of 113 cyberattacks each year. One out of every three of those attacks results in a successful breach. With those…Full Story
So, you work in home or auto insurance. And you want to make your books more profitable. It’s time for a look at payment processing: let's talk about your options for achieving a better expense ratio.
Option one: Pay less for processing
Card processing fees can really add up.…Full Story
According to Risk & Insurance, on-the-road risks "are becoming more challenging to manage," especially for auto fleets. Let's take a closer look at what's brewing for rates and risks in commercial auto insurance.
Population is on the rise. So are property values and severe catastrophes. As a result? The insurance protection gap is growing too. Here are the details …
Question: when a robot hurts someone, who answers for it? Surely not the robot itself. While it's entertaining to imagine a bot getting cross-examined in court, the disincentives of the justice system probably wouldn’t motivate a bad bot to do good.
Jokes aside, the question of…Full Story
When cars crash, they get in the way of everyone else on the road. A long line of automobiles trails out behind the scene, its drivers waiting patiently for the flow to resume. Cleanup is, of course, what they're waiting on. Traffic can't pick up again until the way is clear. But…Full Story
Anything but boring: Electric underground shuttles in LA
Elon Musk has an infrastructure firm called the Boring Company – and it's about to bore some tunnels under Los Angeles. In the works is a mass transit system which would propel electric shuttles from LA to LAX in eight…Full Story
There’s a new and broadening entry point for cyberattacks, and its name is IoT. Connected devices bring a plethora of exposures that will need to be insured one way or another – the question is, how? And it’s a question that demands an answer.
When a Minecraft botnet took…Full Story
According to BI Intelligence research analyst Laurie Beaver, the smartphone is unique among devices ... for now. But it may not stay that way. Based on the research that Beaver presented in his recent slide deck, “The Next Smartphone,” let's take a look at what the future might…Full Story
Do you recall when insurance was slow to change? Those days are gone. Here are five industry developments to watch.
1. Amazon poised to disrupt financial services
Bain & Co. found that more than half of U.S. respondents "are willing to buy financial services from established tech…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.