Vertafore, the leading provider of software that transforms the business of insurance, today announced that there has been significant adoption of cloud insurance technology AgencyEDGE that automates insurance agency license management and protects them from expensive reinstatement fees. In the last six months more than 700 agencies have begun using the solution, bringing the total number of agencies using the software to over 1,000.
Prior to AgencyEDGE, most agencies were using Excel spreadsheets or a home-made solution for tracking agency licenses. This not only consumed valuable time of agency principals and administrators, but also exposed agencies to E&O and compliance risks and related fines because of unlicensed agents attempting to sell in the field.
“Reinstatement fees and fines can cost up to 3 times the price of regular licensing renewal fees,” said Tim Owen, Vice President of Product Management. “Most agency license renewal fees range from $40 to $200, for agencies at risk of expired licenses these fees can add up quickly at nearly $600 per agency license. Even more costly than paying reinstatement fees is if an agency becomes ineligible for reinstatement and loses the ability to sell insurance in a particular state. This is now an expense and reputation hit agencies no longer need to gamble with. No matter the other insurance software an agency has, AgencyEDGE will work for you and it is a simple and invaluable tool every agency needs.”
AgencyEDGE is accessible 24/7 from anywhere that has an internet connection. In less than two minutes an agency can subscribe to the service and load their agency licenses automatically to ensure they are authorized to sell by state and line of business. The user-friendly interface and extensive in-product video guidance gives agencies quick and easy access to manage agency licenses and also sends agencies alerts when a license is up for renewal.
“AgencyEDGE really revolutionized our agency and its licensing,” said Joyce Sigler, Vice President – Administration/Corporate Secretary for Jones & Wenner Insurance Agency. “In addition to the impact of the time it saves, the financial piece that it saves allows us to put money back in to new programs and into the agency, and that has really just changed us.”
Vertafore AgencyEDGE is also included in the Vertafore Agency Platform™ and is easy to subscribe to since it is hosted in the cloud. In addition, this service provides a convenient monthly invoice, instead of paying per transaction, removing administrative headaches.