Vymo, a leading multi-channel distribution management platform powered by AI for the global insurance industry, has announced a strategic partnership with Cognizant, a global leader in systems integration. Cognizant, which was ranked last year’s Fortune Modern Board 25 for its success in driving digital transformations, will collaborate with Vymo to accelerate innovation in the insurance sector. Together, they will use Vymo’s machine learning and AI-driven technology to streamline agent recruitment, onboarding and compliance, enhance sales opportunities, reduce salesforce turnover and identify new ways to facilitate growth within the industry.
“The use of AI and machine learning has become ubiquitous across nearly every industry, and insurance is no exception,” notes Phil Brown, Vymo VP of Strategic Alliances. “However, while the insurance sector has been leveraging it for back-end processes such as claims management, fraud detection, and reducing payout losses, the application of AI to transform front-end operations has largely been unexplored.” Vymo’s partnership with Cognizant aims to bring about transformative change to the insurance industry by ushering in new capabilities around streamlined recruitment, compliance and sales management and execution strategies.
Notes Phil Brown, “With Vymo, agents gain comprehensive access to customer portfolios, including policy details, payment statuses, claim histories, and opportunities for cross-selling and upselling. Every day, when an agent logs into their device—be it a mobile phone, tablet, or desktop—Vymo provides a prioritized list of tasks tailored to optimize their sales efforts. Whether it’s reminding agents of upcoming policy renewals or prompting follow-ups with potential clients, Vymo’s AI-driven insights help ensure no opportunity is missed.”
For the purposes of training and continuous learning, Vymo’s platform offers deep, AI-driven guidance. With access to data points within a firm’s entire book of business and with visibility into what is and isn’t effective, Vymo’s analysis guides on actions that lead to better decisions, identifies new opportunities within customer bases or new markets, thereby driving sales growth and enhancing customer retention. “This holistic view also allows both individual agents and agencies to track their success across metrics such as policy sales, business retention rates, and overall premium revenue,” adds Phil Brown.
About Vymo®
Vymo is a global provider of a smart distribution management platform powered by AI to deliver data-driven insights and transform the way your business operates. It has been meticulously crafted for insurers, MGAs, FMOs, IMOs, and insurance distributors who have outgrown legacy sales and account management tools and require greater automation for producer administration and sales processes. Vymo’s platform features a suite of modular applications – including OnboardIQ and EngageIQ, and is engineered to deliver a superior producer experience through critical steps in the sales process; such as onboarding, compliance, activity tracking, and sales enablement.
Vymo has secured over $45M in funding from Peak XV Partners, Emergence Capital, and Bertelsmann India Investments, and is also an award winner of CB Insights’ and Microsoft’s ‘AI for All’ awards.
Vymo, a leading multi-channel distribution management platform powered by AI for the global insurance industry, recently announced the launch of OnboardIQ. By leveraging AI and ML, OnboardIQ is the first complete solution designed to streamline recruiting, onboarding, and compliance, marking a swift departure from existing, outdated legacy systems.
“Traditional recruitment methods are typically tedious, inefficient, and costly. But by factoring in a prospect’s skills, licensure history, and a carrier’s specific needs, OnboardIQ can generate comprehensive candidate profiles,” notes Venkat Malladi, Vymo Co-Founder and CTO. The system then scours these profiles and targets the most suitable candidates by generating campaigns on LinkedIn, Facebook, and Instagram. He adds, “no matter how much the talent pool shrinks in the coming years, with OnboardIQ, carriers will have access to top-tier, matched talent.”
One carrier remarked that their biggest challenge during onboarding was the “lack of visibility.” OnboardIQ addresses this issue by providing complete transparency from the moment an agent decides to start selling, through the licensing and appointment processes, all the way to completing their product training and achieving ready to sell status.
Beyond recruiting and onboarding agents, OnboardIQ helps agents live up to their full potential. For example, a carrier based in California might want to make inroads in the midwestern market. OnboardIQ will pinpoint the agents best suited for this expansion, check their existing state licenses, and guide those who need additional licenses through the acquisition process. “This approach helps carriers get the most value from each agent, while allowing agents to maximize their commissions. The platform empowers both carriers and agents to expand their footprint,” notes Venkat Malladi.
The U.S. has a uniquely intricate regulatory landscape, with varying licensing requirements across states. As legislation tightens, OnboardIQ helps prevent fines and irreversible reputational damage by proactively—not reactively—identifying compliance issues across an entire multi-state insurance organization. Malladi notes, “without software that can create a database of agent licenses and update them in real time as agents obtain new licenses, managing compliance becomes extremely complex.”
At the core of OnboardIQ is Co-Pilot, an AI-powered, text-based personal assistant designed to answer recruiting, onboarding, and compliance questions for both agents and carriers. For example, an agent might ask Co-Pilot, “what are the pre-licensing education requirements for obtaining a health insurance license in Florida?” While a carrier might inquire, “which of my agents are due for license renewal in the next three months in New Jersey?” Co-Pilot provides accurate and easy-to-understand answers for both queries. Malladi notes, “OnboardIQ serves as a conduit for seamless interaction between carriers and agents—adapting to an era where insurance operations extend beyond local boundaries.”
About Vymo®
Vymo is a global provider of a smart distribution management platform powered by AI to deliver data-driven insights and transform the way your business operates. It has been meticulously crafted for insurers, MGAs, FMOs, IMOs, and insurance distributors who have outgrown legacy sales and account management tools and require greater automation for producer administration and sales processes. Vymo’s platform features a suite of modular applications – including OnboardIQ and EngageIQ, and is engineered to deliver a superior producer experience through critical steps in the sales process; such as onboarding, compliance, activity tracking, and sales enablement.
Vymo has secured over $45M in funding from Peak XV Partners, Emergence Capital, and Bertelsmann India Investments, and is also an award winner of CB Insights’ and Microsoft’s ‘AI for All’ awards.
New Celent Report Recognizes Vymo in Compliance Category
Vymo, a leading multi-channel distribution management platform powered by AI for the global insurance industry, announced today that Celent, a renowned research and consulting firm focused on financial services technology, recognized Vymo in its new report, Insurance Distribution Management Solutions: North America Edition. Celent notes that use of distribution management systems is increasing and growing more sophisticated, as market changes such as insurance agency consolidation, the proliferation of channels, and the growing demand for data, take hold.
The report profiles 14 distribution management solutions including Vymo, outlining their functionality, customer base, technology, implementation, and support as a “first step toward creating a shortlist of vendors for evaluation” for insurance companies.
The report profiles 14 distribution management solutions including Vymo, outlining their functionality, customer base, technology, implementation, and support as a “first step toward creating a shortlist of vendors for evaluation” for insurance companies.
“We are pleased to announce that Vymo Distribution Management has earned Celent’s prestigious Advanced Functionality ranking in the category of Compliance in the 2024 Distribution Management SolutionScape,” said Karlyn Carnahan, head of Celent’s North American insurance practice. “Vymo’s compliance solution, powered by AI and Gen AI, not only enhances productivity but also fosters innovation. This recognition underscores Vymo’s unwavering dedication to delivering exceptional technology solutions for the insurance industry.”
Eric Bustos, General Manager of Vymo’s U.S. operations, noted: “Our suite of modular applications ensures effective and adaptable solutions to enhance the producer experience at pivotal stages in the producer lifecycle. From agent recruiting and onboarding to activity tracking, training, and sales enablement through intelligent lead management, our technology enhances agent performance. Today, Vymo is honored to be recognized by Celent for our excellence in the producer compliance sector. This recognition marks a significant milestone in our mission to expand our North American presence and provide cutting-edge technology and services to insurance companies and agencies across the region.”
About Vymo®
Vymo is a global provider of a smart distribution management platform powered by AI to deliver data-driven insights and transform the way your business operates. Meticulously crafted for insurers, MGAs, FMOs, IMOs, and insurance distributors who have outgrown legacy sales and account management tools and require greater automation for producer administration and sales processes. Vymo’s platform features a suite of modular applications – including OnboardIQ and EngageIQ, and is engineered to deliver a superior producer experience through critical steps in the sales process; such as onboarding, compliance, activity tracking, and sales enablement.
Vymo has raised over $45M in funding from Sequoia Capital, Emergence Capital, and Bertelsmann India Investments and is also a winner of CB Insights’ and Microsoft’s ‘AI for All’ awards.
