Collaboration Highlights How AI Empowers Agents to be Strategic Consultants and Invest In Client Relationships
Virtus, a Top 100 insurance brokerage firm, and Outmarket, the leading AI platform purpose built for insurance, announced the successful results of their strategic partnership. By integrating Outmarket’s platform with its core workflows, Virtus has significantly reduced administrative burdens, enhanced client advocacy, and accelerated new business growth.
Historically, highly skilled insurance consultants spend up to 70% of their time on administrative busywork. Through this partnership, Virtus aimed to flip the script, allowing their professionals to focus on high-value consulting. After testing several AI products, Virtus selected Outmarket for its ease of use and ability to integrate directly into the agency’s standard operating procedures and systems of record.
Key Partnership Results
The integration of Outmarket’s AI platform into Virtus’s operations has yielded immediate, measurable success:
- Massive Time Savings: Virtus is saving between 30 minutes to two hours per task performed by Outmarket, returning thousands of hours to their client-success teams annually.
- Elimination of Outsourcing: Tasks that were previously sent to a third-party company with a one-week turnaround are now completed in house, in just 30 seconds.
- Uncovering Critical Coverage Gaps: Using Outmarket’s gap analysis tool, Virtus won a large customer by identifying a multi-million dollar policy exclusion that the prospect was unaware of.
- Overturning Denied Claims: By running denial letters through Outmarket, Virtus can rapidly identify claims adjuster mistakes, allowing them to overturn the decision and get client claims paid.
Read More on Fintech : Global Fintech Interview with Rob Young, Managing Director – UK at InDebted
“Ultimately, clients want to be fully informed, and they want to make the best decisions possible for their business,” said Adam Kroeger, Senior Vice President of Operations at Virtus. “Our job as an agent is to give them the tools to make those decisions. By eliminating administrative tasks behind the scenes, we can actually spend more time providing high-value consulting and investing in client relationships. In that sense, Outmarket is a strategic advantage, not just a tool that saves time.”
Virtus has completely revamped its sales and service process, known as the Virtus Arc, to build AI into every step. Outmarket is leveraged from pre-renewal meetings to client onboarding. Looking forward, Virtus and Outmarket are committed to ongoing innovation.
The companies maintain a tight feedback loop, with Virtus’s leadership collaborating directly with Outmarket’s engineering team and CEO to rapidly develop new platform features, including enhancements to employee benefits modules and quote comparison tools. As Outmarket releases new modules, Virtus plans to continuously shorten its 35-step standard operating procedures, driving unprecedented speed and accuracy in the insurance space.
“Virtus has been a tremendous partner in our mission to bring AI-driven transformation to the insurance industry. Their leadership team has a clear vision for the future, and their collaboration has been invaluable in helping us refine our platform to deliver immediate, high-impact results for their teams,” said Vishal Sankhla, CEO and Co-founder of Outmarket. “Together, we are proving that by eliminating administrative burdens, we can empower agents to focus on what matters most: delivering exceptional value and strategic guidance to their clients.”
To dive deeper into the strategies and results of this collaboration, Outmarket and Virtus released a case study on their collaboration. The study highlights how Top 100 brokerages can not only succeed with AI, but weave it into the core of their business to transform operations and accelerate growth.
Catch more Fintech Insights : The AI Shift in Fraud: Why Banks Need a New Playbook
[To share your insights with us, please write to psen@itechseries.com ]
