Vertafore Velocity AI: Automating Insurance Submissions

Vertafore has launched a new AI agent called Velocity AI Submission Processing Agent. This new tool transforms the manual process of submission intake for insurance companies. Here's the thing: submission intake is often manual and prone to errors, involving reviewing emails, opening attachments, and extracting information. This new agent reads unstructured documents like emails and PDFs, extracts key information, and converts it into organized data. It aims to improve speed, accuracy, and scalability for MGA and underwriting teams. What's interesting is that it can process submissions in any format, without needing extra configuration. The agent also evaluates if a submission is complete, flags missing information, and can automatically generate follow-up requests. Feedback from early users shows an 87% accuracy rate. This matters because it helps underwriters focus on evaluating risk rather than gathering information, potentially speeding up decisions and handling more business.