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The insurance market conditions of 2023 have prompted MGAs to adopt innovative strategies, as described in a recent article by Vertafore and also published in Carrier Management.

Here’s how tech-fueled MGAs like VERVE are reshaping the industry:

1. Partnerships Power Progress
VERVE and its partners have formed strong alliances by combining specialized market insights, expansive distribution, shared data and tech platforms, and capital to pave the way for robust growth.

2. Elevating Customer Experience
VERVE has distinguished itself through unparalleled service. Free from legacy constraints, we’ve leveraged cutting-edge systems to enhance user interfaces and workflow automation to meet the evolving digital expectations of customers.

3. AI-Driven Underwriting & Claims Precision
VERVE integrates AI and predictive analytics to identify and excel in its highly profitable micro-niches to delve deeper into market segments, offering specialized, niche-specific products.

4. Optimizing Operational Efficiency
VERVE is focused on scaling operational efficiency through investments in automation, streamlined underwriting and claims processes and an enhanced customer experience despite a challenging market.

Integrating these 4 strategies with VERVE’s scalable technology and distribution platform allows us to:

• Source and mine internal and external data sets from the auto insurance industry.
• Apply predictive analytics to that data.
• Use those analytics to find profitable niches within the $316 billion private passenger auto insurance market.
• Produce underwriting profits that outperform the industry.
• Provide outsized returns to our insurance and reinsurance partners.

As a result, VERVE is thriving in this tech-empowered insurance landscape.

What are your thoughts on these evolving trends?

Read the full article by Vertafore here: https://www.vertafore.com/resources/blog/2024-outlook-4-ways-tech-fueled-mgas-will-accelerate-industry.

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