Vertafore Reports 25% Annual Increase in Adoption of Producer Lifecycle Management Solutions

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Processed over 13 million producer lifecycle management transactions in 2012, a 10 percent increase versus 2011

Vertafore (http://www.vertafore.com), the leading provider of software that transforms the business of insurance, today announced a 25 percent year-over-year growth in its Producer Lifecycle Management (PLM) software adoption while processing over 13 million producer lifecycle management transactions in 2012, a 10 percent increase versus 2011.

Vertafore Producer Lifecycle Management improves the efficiency and accuracy of insurance and securities license processing for carriers, agencies, brokers and securities firms/education providers.

Investments in strategic partnerships, new products and educational services have enabled Vertafore Producer Lifecycle Management, a subsidiary of Vertafore and the provider of the Vertafore Producer Lifecycle Management products and services, to reach the following milestones:

  •     21 percent growth in the company’s enterprise carrier and agency client base.
  •     Launched the industry’s only automated, proactive securities representative and advisor monitoring and alert service. The solution enables securities firms to eliminate late filings more effectively than ever before by providing advanced notification of representative issues before they become compliance violations.
  •     Signed-up more than 400 new education provider partners delivering continued educational opportunities to producers and brokers.
  •     Added two new state departments of insurance relationships for education, bringing the company’s total state relationships to over 20.
  •     Entered a strategic partnership with ClearCert™ to automate the long-term care education certification process.
  •     Added more than 200,000 individual producer subscribers, a 26 percent increase over 2011. By subscribing, producers benefit from streamlined licensing and compliance processes and simplified connections between individual agents and state regulators.

“Data accuracy and compliance with state regulatory requirements directly impact the efficiency and profitability of the insurance and securities industries,” said Tim Owen, vice president of product management at Vertafore. “We are committed to creating seamless connections between stakeholders. Fast and reliable producer lifecycle management tools help our clients to avoid delays, manage costs and reduce compliance risks.”

“The risk associated with obtaining and processing the right stakeholder information is key to our growth,” said Donna Robinson, manager of licensing and commissions at Physicians Mutual. “Using Vertafore’ s Producer Manager, the state partnerships and information from individual states are all in there, so we pull in data directly from their producer database. There’s no misinterpretation of this information—it’s one source, one truth.”

Vertafore offers a suite of producer lifecycle management products that make licensing and compliance processes seamless and dependable. To learn more about Vertafore Producer Lifecycle Management visit, http://www.vertafore.com/plm.

Follow Vertafore at twitter.com/vertafore and facebook.com/vertafore.

About Vertafore
Vertafore delivers software and services that transform the business of insurance. Unique to the industry, more than 20,000 customers rely on Vertafore to provide integrated technology that connects the entire industry with the most complete source of solutions—agency management, rating and connectivity, content management and workflow, information solutions and producer lifecycle management—so their businesses run better and are more profitable. For more information about Vertafore, please visit http://www.vertafore.com.

About Physicians Mutual Insurance Company
Physicians Mutual Insurance Company and Physicians Life Insurance Company are members of the Physicians Mutual family. The companies are one of the nation’s leading health and life insurance providers, and are rated in the top 1% of insurance companies. They consistently maintain some of the highest financial strength ratings in the nation from independent insurance analysts, including A.M. Best Company and Weiss Ratings.

Founded in 1902, Physicians Mutual is headquartered in Omaha, Neb. To learn more about the company, please visit http://www.PhysiciansMutual.com.

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Kellen Davison
Vertafore, Inc.
425-354-6819
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