InsurTech update: New year, new look to NetVU

Technology is a significant issue the insurance industry, and it can be especially challenging for independent agencies. Many insurance software companies are upgrading their systems and seeking to improve the agent’s user experience.

One insurance software provider, Vertafore, took the path of examining its relationship with its user group, the Network of Vertafore Users (NetVU), to see what could be done to make using technology in general and Vertafore products specifically better for independent agents. The two organizations say they’re aligning more closely together for the benefit of users, and NetVU recently refreshed its logo and tagline to reflect the partnership.

National Underwriter’s editor in chief Rosalie Donlon chatted with Amy Zupon, CEO of Vertafore, and Kitty Ambers, CEO of NetVU, to get their thoughts on InsurTech and its impact on independent insurance agents, as well as the updates to the Vertafore and NetVU partnership.

Related: InsurTech blends microservices and modern core systems

NU: Kitty, can you tell us about NetVU for people who aren’t familiar with it and the relationship with Vertafore?

Kitty Ambers: NetVU began in 1978, organized as an association for independent insurance agencies that were using ARCom technology. ARCom became AMS, so we became the AMS Users Group for quite some time. In 2010 AMS became Vertafore, and the user group rebranded as the Network of Vertafore Users, or “NetVU.”

The main goal is to help the 500,000 users of Vertafore solutions across the country fully use their systems through education, networking and advocacy that is coordinated, hosted and sponsored by NetVU.

NU: Amy, can you tell us where Vertafore has been, how it’s changed direction, and how you plan to keep it moving forward?

Amy Zupon: You could say that Vertafore is the original InsurTech company. We started as a card-tabulating service bureau back in the 1960s, and as insurance grew and evolved, we grew and evolved with it. Today we support more than 20,000 firms in the distribution channel. In 2018, we added more than 1,000 new agencies, carriers and MGAs [managing general agents] into the Vertafore family.

We believe in the independent insurance agency distribution channel and the role of the agent in that channel.

Evolution is happening, and technology is an enabler of that evolution. As an example, we’re investing in the use of data and analytics, leveraging machine learning to help our customers improve their outcomes, which gives agents the time and tools they need to strengthen their relationships by being risk advisors.

NU: From Vertafore’s perspective, why is it important to have synergy with its user group?

AZ: It’s more than synergy. Our success is directly based on the success of our customer base, and to drive that success, we need to be connected. It’s that simple.

Since joining Vertafore, building a tight relationship with the user community has been a priority for me and my team. I’m fortunate to work with such a great organization filled with amazing volunteers who dedicate their time to help their peers. Our partnership with NetVU is powerful. It’s unique in our industry.

Related: Humanizing the insurance claims process: The power of integration and automation

Technology as a tool

NU: Isn’t technology just a tool to help you do what you do best as an independent insurance agent, which is serve the client and maintain those customer relationships?

KA: We get caught up in the tool and the technology instead of thinking about what we’re trying to accomplish with the technology. Just because something’s cool doesn’t mean it’s necessarily right for your business. I tell agents to think about what you want to accomplish, and then you have a pretty clear business strategy around what you need to implement. That’s a huge concept to grasp because one size does not fit all. We have different markets we go after, different industries, different niches and different parts of the country that impact what we do and how our clients do business.

Not all features and functions are the best for every agency. I encourage people to think about why they’re doing what they’re doing — and why they’re buying what they’re buying.

AZ: We’re a data-driven industry with a tremendous amount of access to data. I wouldn’t say we always access it in the best possible way to improve our outcomes. Instead, we need to think about how can we take the data available through public resources and your own resources, and use technology to serve up that data to you in a way that helps you change the way you operate your business or to make faster decisions.

It’s not the technology by itself that will do anything magical. It’s the application of it.

Maintaining the distribution channel

NU: There’s a lot of talk about disruption and InsurTech. What is Vertafore doing to ensure the longevity of the independent agent channel?

AZ: I believe in the role of the independent insurance agent in the distribution channel. It’s still an incredibly important part of the insurance value chain. But the role of the agent is evolving in a couple of ways. It’s happening with the way people expect to be communicated with. How quickly they want to be serviced. The risk advisory service they are looking for. It’s also happening with cyber and data privacy regulation.

There are different types of “disruptors.” Some carriers are looking to go direct, which is working well in certain lines of business. Online brokers are trying to differentiate themselves through being digitally enabled.

KA: Change is the only constant, and just when you think you’ve got it figured out in this business, it’s going to change. I chuckle at the use of the word “disruption,” and I know it deals with technology, but if you think about what we as agents do day to day, our role is dealing with disruptions. People’s lives and businesses are being disrupted and we help them put the pieces back together.

Agents need to pay attention to privacy and security. Regulation, always, seems to be at the heart of the adjustments we need to make in our business. We talk about federated IDs and multi-factor authentication, and from a user group perspective, if we address those with the tools we have at our disposal or help our vendor build a solution that is going to be efficient, productive and secure, we will move people in the right direction.

Reason for rebrand

NU: So NetVU has a new look. Can you tell us about the reason behind the rebrand?

KA: It goes back to keeping pace with the industry and the people who are at the heart of what we do. We pursued a new identity to reflect the values of our organization, our members, our volunteers, and of course their vision for the industry. In 2017, when Amy became the Vertafore CEO, the NetVU board was striving to make sure we emphasized an enhanced and collaborative relationship with Vertafore’s leadership to support their innovative direction. And a thriving user group obviously adds tremendous value to the Vertafore organization. NetVU’s influence, which is generated through our educational offerings, our leadership in the industry, and the peer-to-peer interaction throughout the community allows Vertafore to ensure what they’re building is highly beneficial to their customers.

AZ: NetVU and Vertafore are separate organizations, but the alignment of us working together in an effective manner to service the community is important. And powerful.

KA: The two organizations are separate and independent but the synergy between us is certainly a win-win for everyone. So, the redesigned brand is designed to show the spirit of that collaboration. It’s clean, it’s fresh, it’s energetic, it’s strong, and it’s a great visual reminder.

We have a new aspirational tagline, “Strength in Members,” which signifies that we are powered by our members, and they help each other get the most out of Vertafore solutions.

NU: NetVU’s user conference, called Accelerate, is in Cincinnati in May. What do you want your members to know?

KA: We want people to be places where they’re totally immersed in the experience of peer-to-peer learning and interaction with their vendor. It’s always been about an event put on by users for users, and we’ll see that again on a grand scale in Cincinnati.

Some things are system specific and cover functions and features. We also want to teach people how they can be strategic about their technology, so we cover industry issues and challenges that touch the largest and smallest organizations in the industry.

We also have a new series of professional development topics. If you’re tired of talking about your software, go talk to someone about leadership or time management or brand strategy. The education is taught by users who bring that peer-to-peer mentality.

AZ: The user conference is super important — we focus on the power to accelerate and that ties the evolution to what’s happening in the industry. It’s a phenomenal opportunity for networking and a terrific opportunity to learn and influence Vertafore. I bring a large team — we are there to listen, to hear, to talk, to brainstorm. We have a great innovation center, called the Tech Hub, where we can put some ideas up on a white board and talk through some things one-on-one or in small groups of attendees.

Setting priorities

NU: Amy, you have a unique background. How did that shape your priorities at Vertafore?

AZ: I believe in strong cultures filled with talented people who wake up every day and believe in delivering strong results and outcomes for their customers.

It’s powerful when you can establish that common purpose to make customers successful, and when you get to work with a lot of people who believe in that sense of purpose. I began my career at a startup technology company, where I got to experience energy and hard work and innovation and family environment and building a great company from scratch.

I’ve also worked in larger software companies where I’ve seen that culture and that purpose propel those organizations forward. And I bring that same attitude and purpose and commitment to Vertafore. At the same time, I’m a product person at heart, and I believe in the power that technology brings

NU: Kitty, you have a lot of experience in the independent insurance agency system. How does it shape your priorities as a leader at NetVU?

KA: Our entire existence revolves around our members and our volunteers.

What drives me and our management team is connection. We are about connecting people to each other; connecting people to solutions that will make a difference for them; connecting people to their vendor to help them know what’s coming and to build things that are most appropriate and efficient for the independent agent channel; and connecting people to their carriers, and connecting with the industry.

As a leader, I try to keep it simple. When employees at NetVU meet the people they serve every day — all the work in the trenches with chapters, for example — once they make that connection to those members, they get super-excited about why they do what they do every day. It makes data entry on a spreadsheet that much more exciting when they know there are people behind it.

I fall back on the motto of my Virginia Tech alma mater, which is Ut Prosim, or That I May Serve. I lead as a servant leader.