Vertafore Analytics: Turning Raw Data Into Revenue

• Analytics & Modeling - Big Data Analytics
• Analytics & Modeling - Data-as-a-Service

• Business Operation
• Sales & Marketing

• Data Science Services

Vertafore, a leading provider of insurance software and technology, wanted to leverage its wealth of raw data to launch an analytics product that would provide agents and carriers with key performance indicators (KPIs) and competitive intelligence. The insurance industry is facing disruption from various fronts, including carriers going direct to consumers, usage-based insurance, and search engines that provide consumers with competitive pricing. To manage against these competitive threats, agencies and carriers need to understand sales trends, customer retention, and benchmark against peers to measure progress and uncover opportunities. Vertafore's unique position in the industry provides it with data from sources across the policy lifecycle, making it uniquely positioned to collect, analyze, and distribute market insights that can improve its customers' competitive positioning.

Vertafore is the leading provider of insurance software and technology, connecting independent brokers with carriers and every point of the distribution channel. Vertafore has the foremost comparative rater in the United States, providing real-time personal lines insurance ratings for 6,000 agencies, with more than 120 million quote transactions in 2015. This wealth of information uniquely positions Vertafore to collect, analyze, and distribute market insights that can improve its customers' competitive positioning.

Vertafore chose Birst for an embedded analytics solution to transform volumes of insurance data into multiple dashboard views, all secure and manageable. Birst's modern architecture demonstrated a robust back-end that can ingest and model large volumes of data, with a front-end easy for business users to understand. Additionally, Vertafore needed to provide a single view of the data, as well as multiple views and slices, all while remaining highly secure. With Birst, simultaneous users can segment the data without Vertafore having to manage numerous data feeds. Birst also has the rich analytic functionality to support Vertafore's product tiers, specifically enabling distinct analytic packages that can be priced separately. This end-to-end offering enabled Vertafore to move forward with Birst's modern analytics platform, versus the legacy BI solution Vertafore used in-house.

• Vertafore Analytics was launched to positive feedback, with customers gaining greater awareness of Vertafore's wealth of intelligence and how data improves decision making.
• By delivering sophisticated analytics visualization, as opposed to raw data, Vertafore has been able to position the product as a premium offering.
• The dashboard views help carriers and agents translate insights across their functional roles to answer questions such as volume of business, geographic areas of best/worst performance, effective pricing band, and finding risks that match their appetite.