Verve

We consistently outperform the market and provide winning returns on capital to insurance company and reinsurance partners. We help them find and then manage profitable channels for their premium capacity,” says Dan Lazarek, CEO and Founder of Verve.

The full-service managing general agency focuses on predictive analytics, and has revolutionized the private passenger auto insurance segment with its unique scalable distribution platform. This innovative system uniquely finds, filters, acquires and services private passenger auto customers in profitable niches in the $260 billion annual recurring revenue auto insurance market in the United States. API-enabled with twenty partners on their platform, Verve uses data analytics to identify and target profitable customer segments, ensuring precise policy pricing and optimized claim servicing.

The system acts as a conduit for end-users and independent auto insurance agents, streamlining policy processing with automation and enhancing the client-agent relationship. Verve provides considerable benefits to carriers, reinsurers, producers and customers by covering the policy processing and servicing spectrum.

The platform is consistently outperforming other market alternatives in terms of returns on allocated and invested money for carriers and reinsurers. A user-friendly interface, versatile features and competitive product offerings help independent agents enhance their operational efficiency. End-users are provided with auto insurance products that are personalized to their specific needs, underscoring Verve’s dedication to providing customer-centric solutions.

In addition, strategic alliances with leading insurtech entities have led to the creation of a unique ecosystem that meets the requirements of its agents and policyholders. This approach has positioned the firm as a standout entity in an industry plagued by poor profitability.

In the face of high inflation costs, supply chain disruptions, and increased claim frequency and costs, Verve surpasses industry benchmarks in loss and combined ratios due to its market leadership and strategic partnerships. The key to this success lies in its technology-driven approach that leverages real-time data and predictive analytics as crucial catalysts. This underscores the company’s commitment to effectively understanding customer needs and managing risks.

Unified Platform for Streamlined Auto Insurance

Verve has integrated its wealth of collective expertise, technology, modeling, actuarial techniques and customer behavior insights into its unified data analytics platform. The technology, supported by the Diamond policy processing system from Insuresoft and coupled with 20 APIs, automates the processes of rating, underwriting, binding and servicing private passenger auto policies. Its scalable platform’s services, which include unique layers for raters, underwriting tools, electronic payments, e-signatures and claims, provide users with unparalleled value.

Verve’s technology platform is notable for its scalability and plug-and-play nature, offering intelligent insights that guide policy design and optimize outcomes. An all-encompassing suite of tools is offered to agents under one, unified interface. This includes real-time rating and underwriting tools, electronic documentation, and post-policy servicing features, enabling them to introduce innovative insurance products and services.

The platform’s efficiency is evident in its ability to provide real-time quotes, allowing agents to price policies quickly and accurately. Its underwriting tools are instrumental in evaluating potential customers’ risk profiles, ensuring they make informed decisions during the application process. Verve’s automation skills are particularly notable in procuring motor vehicle records from state authorities, which enhances the accuracy of customer driving history assessments while saving agents significant time and effort.

Post-policy servicing is exemplary, offering a range of management tools for billing, payments, claims and customer service under a single interface. This simplifies the process for both agents and end customers, who benefit from electronic communication options for billing and policy updates. The platform’s versatility extends to support various payment methods, including electronic and recurring payments, streamlining the payment collection process.

In addition, Verve enhances customer engagement by sending text reminders about critical information, such as billing and policy renewals. Its mobile app provides a convenient way for users to manage their accounts and access policy information. The firm emphasizes customer service, equipping agents with self-servicing tools for managing policy-related tasks like claims processing, policy changes and cancellations. This comprehensive suite of tools enables agents to effectively address customer inquiries, providing a seamless and responsive service experience.

Central to Verve’s approach is orchestrating a smooth customer journey, from initial interaction to policy approval. Real-time electronic ratings at the point of sale and streamlined handling of binding documents exemplify the platform’s commitment to accuracy and efficiency.

Verve’s technology platform is about more than operational efficiency; it is also a powerhouse of data analytics. The platform uses internal and external data sets in a predictive manner with experienced market knowledge to provide underwriting profits that outpace its partners’ market returns. It identifies business segments based on their potential for future losses. Data mining delivers near-perfect market share information and, through predictive analytics, has achieved industry-leading loss ratios and delivered substantial returns on capital for its insurance and reinsurance partners. This data-driven approach enables precise business segmentation based on potential future losses, ensuring a competitive market edge.

Strategic alliances with leading insurance service and technology providers like Insuresoft, AssureSign, Clearwater Payments, Verisk, Lexis Nexis, Looker and others, have played an instrumental role in creating a unique ecosystem that meets the diverse needs of agents and customers. A commitment to improving the user experience is evident in its ongoing adaptation to evolving customer needs, featuring intuitive self-service tools.

Verve emerges as a noteworthy player in the auto insurance sector, offering considerable benefits to all parties.

“Carriers and reinsurance partners are achieving winning capital returns. Our incumbent reinsurers have renewed and we have added multiple new reinsurers for 2024. Producers benefit from Verve’s user-friendly platform, and end-users receive customized auto insurance solutions tailored to their specific needs,” says Lazarek.

Faith and Commitment to Excellence

Verve’s core values are fundamental to every aspect of its operations, driving a commitment to integrity and ethical principles. These ideals extend beyond customer service to include valued partners, promoting an environment of operational excellence and a culture of continuous improvement. Innovation is at the heart of the firm’s approach, especially to address the evolving challenges in the insurance industry.

The team’s collaborative efforts are central to its operations, encouraging unity and extending this ethos to a broader network of partners. Verve embraces these diverse viewpoints to cultivate an inclusive environment that aligns with principles of good citizenship, diversity and inclusion.

The firm upholds faith as an underpinning value, fostering confidence and trust among team members. “Faith centers us— faith in God, faith in ourselves, each other, families, and our ability to build a differentiated business that values people and cherishes its relationships with its business partners,” says Lazarek.

The roots of this commitment can be traced back to the CEO’s personal story.

Lazarek, a seasoned operator with a track record of scaling businesses, has six appearances on the Inc 500/5000 list of companies. He also founded the Simon Venture Fund at the University of Rochester, offering experiential learning opportunities to MBA and business students, and has provided guidance to numerous early-stage companies. Lazarek established Verve, driven by his faith, after taking a break from his professional life to care for one of his daughters.

During that time, Lazarek’s daughter underwent multiple surgeries and a five plus year recovery journey that defied conventional medical explanations. This experience, involving multiple life-and-death situations, significantly strengthened his faith and laid the groundwork for the team’s values, fostering a strong sense of connection among its members.

“Faith leads to perseverance; perseverance builds character, and character, hope. This underpinning culture can make anything possible.”

After the five-year hiatus, Lazarek drew inspiration from his daughter’s remarkable recovery to establish Verve. The name was chosen because Verve symbolizes a spirit of energy, enthusiasm and zest for life.

“Our team embodies this essence, making it the cornerstone of our business approach. We hold a deep conviction for our daily endeavors.”

Aligning with this ethos, the company has assembled a forward-thinking team of operators known for their success in scaling revenue from scratch to $400 million annually and building sustainable, profitable enterprises.

A robust leadership team is distinguished by their ability to navigate the market, demonstrating agility and transparency. Diverse expertise enriches their operational strategy. Verve prioritizes meaningful endeavors, highlighting the importance of life and time. This propels the company forward with a positive and proactive mindset that characterizes its daily approach.

Verve is committed to controlled and sustainable profitable growth for all partners. It prioritizes building strong relationships with carriers and reinsurers while balancing risk with growth opportunities, aiming to set new standards in the auto insurance industry. Expressing gratitude to all its partners, it welcomes carriers and reinsurers to explore collaboration prospects, promising to add significant value to their operations. Verve’s early accomplishments are a testament to its commitment to excellence and innovation.