(Image source: Velocity Risk homepage.)
Velocity Risk Underwriters (Nashville, Tenn.), a catastrophe-focused property insurance hybrid managing general agency (MGA) and AM Best A- (Excellent) rated E&S insurer licensed in all 50 states, has implemented Guidewire InsuranceNow to quickly launch new products to meet changing market demands, grow its business, and deliver more value to its producers, brokers, and customers, according to a Guidewire statement. The company implemented InsuranceNow to its small commercial lines of business in early 2022. PartnerConnect Consulting Global Premier member Cognizant (Teaneck, N.J.) led the implementation project.
“The market we serve is very dynamic, so we needed technology that can keep pace with that, in pricing, segmentation and third-party data,” comments Jake Rothfuss, President, Velocity Risk. “It was also critical to find a system that provided us with a complete view of the customer and insights into how they perform with our products. We needed a complete system that could do everything, from quoting, binding and servicing policies to interacting with our agents and brokers.”
“Since implementing InsuranceNow last year, we’ve increased the straight-through processing for our small commercial line of business from 85 to 98 percent, saving time for our staff,” Rothfuss adds. “We’ve also doubled our profitability over the past two years by asking the right questions and having the right pricing on accounts thanks to the fast turnaround that we get from InsuranceNow. And our support tickets have decreased by 70 percent compared to our previous system.”
InsuranceNow provides Velocity Risk with the best end-to-end, all-in-one, cloud-based, high-quality and feature-rich system in the market to complement and scale with its business growth strategy, according to Chris Gundersen, the company’s Chief Technology Officer. “Its adaptability to change was especially attractive to us, and since it’s a Guidewire product, we’ll be able to take advantage of the ongoing technology updates and innovations and easily integrate the best-in-class insurtech solutions that are part of Guidewire Marketplace and the PartnerConnect ecosystem into our workflows,” Gundersen says. “And Cognizant’s InsuranceNow expertise and deep collaboration with Guidewire and our own internal IT staff contributed to a very successful implementation project.”
Optimize Core Operations and Enhance Customer Experience
“Customers demand seamless experiences across the entire insurance lifecycle in today’s increasingly digital world,” comments Meera Krishnamurthy, SVP and Head of Americas Banking, Financial Services and Insurance, Cognizant. “Cognizant is excited to offer advisory, consulting, and technology services to help mid-market insurers like Velocity Risk on their journey toward digital transformation as the company grows in the U.S. With our dedicated Guidewire team and expertise in Guidewire products, insurers can feel confident that we will help them optimize their core operations and enhance the customer experience.”
Guidewire Vice President of InsuranceNow Delivery Richard Henderson says, “We congratulate Velocity Risk and Cognizant on a successful InsuranceNow implementation project. We are delighted that InsuranceNow is providing the core platform enabling Velocity Risk to succeed and help change how the specialty property market works by offering great underwriting results while being the most efficient, cost-effective player in the market.”