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DUAL Group's Tech Revolution Earns Top Honors in Model Insurer Awards
In an age where the insurance industry is constantly evolving, one company stands out for their strategic innovation in managing General Agent operations. DUAL Group, a prominent player in the insurance field, has recently been lauded for their outstanding legacy and ecosystem transformation. The firm's systematic use of cutting-edge technology has not only set a benchmark for others but has also garnered them the prestigious 2024 Model Insurer award from Celent, an esteemed global research and advisory firm that services the financial industry.
Denver, March 27, 2024 – Vertafore, the torchbearer in modern insurance technology, extends its heartfelt congratulations to DUAL Group for earning the 2024 Model Insurer award for legacy and ecosystem transformation. This prestigious recognition is awarded by Celent, a reputable research and advisory firm for the financial services sector.
This accolade was awarded to DUAL Group in response to the success they have witnessed by utilizing MGA Systems™, a comprehensive and adaptable MGA management tool powered by Vertafore. The system's tailor-made features and open API design have been instrumental in their migration from outdated data and policies to this new system. Furthermore, it has significantly aided their brokers and underwriters in simplifying operations, making informed choices, and accelerating the closure of businesses.
Since the year 2020, DUAL's brokers operating in Australia and New Zealand have observed a substantial decline in the number of quotes and renewals necessitating manual intervention by underwriters. Moreover, they are now capable of quoting business for an array of 1,000 distinct occupations across eight different liability products within a span of mere minutes. Motivated by this thriving efficiency in Australia and New Zealand, DUAL is now preparing to implement the MGA Systems in additional offices worldwide.
"We are truly honored to receive Celent's endorsement as a Model Insurer and to provide a blueprint for other MGAs to replicate the escalation in efficiency and expansion we have accomplished," remarked Steven Cota, DUAL International's Chief Information Officer for Technology Transformation. "With MGA Systems at their disposal, our brokers possess the necessary tools to transact their operations quicker, thus equipping them to quote up to tenfold the amount of business within identical timeframes."
Following Vertafore's acquisition in 2022, MGA Systems has redefined flexibility, satisfying clients' needs to carry out highly specialized tasks within the niche MGA market. It is an integrated platform supporting key processes such as policy management, financial transactions, claims administration, quoting, binding, and assessment.
Kelly Maheu, Vertafore's Vice President of Industry Relations, expressed the company's dedication to their clients' triumphs, "Customer success is central to our mission. DUAL Group perfectly exemplifies what a modern MGA looks like. We are elated to collaborate with them as they showcase the significant advantages of aligning a precise vision with state-of-the-art technology."
Celent's annual Model Insurer Awards spotlight exemplary instances of technology deployment in sectors critical to achieving success in insurance. To be recognized, initiatives should demonstrate explicit business benefits, innovation, and excellence in either technological prowess or execution.
DUAL serves as the specialist underwriting division of Howden Group, and it spearheads its mission with a singular aim: to become the Managing General Agent of choice among brokers, customers, and carriers. They achieve this through profound underwriting proficiency and an extensive global distribution network. As one of the planet's largest international underwriting agencies, DUAL Group boasts an impressive Gross Written Premium (GWP) of $3.2 billion.
Investment in data and technology allows DUAL to deliver over 70 products and services with exceptional speed and effectiveness to a network of 11,000 broker partners which collaborate with more than 70 carrier partners globally.
Having established its foundations in 1998, DUAL has flourished tremendously. Now with a workforce exceeding 1,600 employees, it extends its presence over 21 nations encompassing the Americas, Europe, and the Asia Pacific. It stands out as one of Lloyd's most significant international coverholders.
For over five decades, Vertafore has been at the forefront of North America's InsurTech industry. The firm prides itself on modernizing and simplifying the entirety of the insurance cycle. This permits their clientele—which includes independent agencies, MGAs, and carriers—to concentrate on the core aspects of their business. Vertafore's products offer an uninterrupted connection within the insurance distribution chain and enhance both client and agent experiences. Additionally, through their solutions, they unlock the potential of data and simplify essential workflows, thus fostering an environment of increased efficiency, productivity, and profitability. To learn more about Vertafore, interested parties can visit their website at www.vertafore.com.
Vertafore and the Vertafore logo are registered trademarks of Vertafore. These marks, alongside all other trademarks, are the property of their respective owners. All rights are duly preserved.
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By announcing the inherent achievements of DUAL Group and its Model Insurer award, this release also brings to light the impact and importance of forward-thinking technological advancements in the insurance industry. The success story of DUAL Group's strategic initiative resonates as a shining example for other companies within the sector, encouraging them to consider transformative practices in their operational models.
DUAL Group's noteworthy recognition by Celent exemplifies the positive outcomes possible through the comprehensive utilization of MGA Systems™. As a lighthouse for the industry, DUAL Group's developments demonstrate the transformation that occurs when modern technologies are seamlessly integrated into well-established practices within the insurance sector.
The journey from legacy systems to modern management solutions is often fraught with challenges, but the accomplishment of DUAL Group showcases the tangible rewards that can be reaped. Their investment in advanced systems has not only transformed their internal processes but has also created a more dynamic and responsive environment for their brokers and clients alike. The MGA Systems™ provided by Vertafore serves as a catalyst for this change, enabling greater business agility and a more proactive approach to market demands.
Looking to the future, DUAL Group's decision to expand the use of MGA Systems™ globally indicates their commitment to maintaining a competitive edge and further solidifying their status as leaders in their field. By strategically leveraging technology, they are poised to capitalize on new market opportunities and continue to provide exceptional service to their partners.
In conclusion, DUAL Group's recognition as a Celent 2024 Model Insurer stands as a testament to their visionary approach in embracing change and innovation. By doing so, they not only enhance their operations but also lead the way for a more advanced and efficient insurance industry. This story of growth, transformation, and engagement with technological advancement offers valuable insights and sets a standard for industry peers striving for similar achievements.
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As the architect behind DUAL Group's technological renaissance, Steven Cota's role has been pivotal. His leadership and vision for the integration of MGA Systems™ has redefined the workflows and efficiency of brokers, serving as the cornerstone for DUAL Group's ongoing success and industry recognition.
Kelly Maheu, whose advocacy for customer-centric solutions in the industry has made a significant mark, echoes the sentiments that DUAL Group's achievements embody the culmination of a clear vision married to the right technology. This synergy has undoubtedly propelled DUAL Group to the forefront of the industry and set a benchmark in MGA operational excellence.
Celent's recognition of DUAL Group thus not only honors their outstanding achievement in technological evolution but also serves as an inspiration for the entire insurance sector. It is a call to action for organizations to rethink their legacy systems and to seek innovative solutions that drive both growth and efficiency.
DUAL Group's milestone is a clear indicator of the critical role that technology and clear strategic thinking play in not only reshaping business models but also in ensuring sustainable growth in a rapidly evolving insurance landscape.
In tandem, Vertafore's role as an enabler of this transformation, through its suite of MGA Systems, underlines the potential for advanced tools to impact the insurance ecosystem positively. It underscores the notion that investment in innovation is not just a value addition but a necessity in the journey towards industry leadership.
The success of DUAL Group, facilitated by the transformative solutions provided by Vertafore, illustrates a remarkable journey of digital transformation in the insurance sector. It highlights the convergence of visionary leadership and cutting-edge technology to achieve industry-leading performance and service excellence.
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