Vertafore Launches AI-Powered Benefit Plan Agent to Automate Benefits Administration
Vertafore has launched the Velocity AI Benefit Plan Agent within its market-leading employee benefits solution, BenefitPoint. The agent automates a highly manual process in benefits administration by reducing benefit plan setup time by up to 70%, achieving an accuracy rate of 90%. This innovation allows users to upload carrier documents and have key information extracted automatically for review before finalization. The launch is timely as agencies prepare for the busy benefits season, where they must handle large volumes of plan changes under tight deadlines. By eliminating manual data entry and reducing reliance on third-party tools or outsourced processes, agencies can improve efficiency, reduce errors, and scale operations without additional resources. The AI agent enhances reporting quality by ensuring cleaner data directly within BenefitPoint. BenefitPoint is used by 10 of the top 15 benefits brokerages in the U.S., supporting over four million employee benefit plans. This new feature aligns with Vertafore's broader strategy to integrate purpose-built AI into insurance workflows, aiming to reduce distribution drag and improve operational efficiency across the industry.
Topics: AI automation benefits administration insurance technology