Vymo Launches OnboardIQ, the First AI/Machine Driven Solution for Insurance Recruiting, Onboarding, and Compliance

August 13, 2024 at 08:00 AM EDT

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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solution designed to streamline recruiting, onboarding, and compliance, marking a swift departure from existing, outdated legacy systems.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 to 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. Notes Malladi, “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 businesses operate. 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 XC Partners, Emergence Capital, and Bertelsmann India Investments and is also an award winner of CB Insights' and Microsoft's 'AI for All' awards.

Additional Resources:

Vymo Distribution Management Platform

Vymo OnboardIQ

Vymo EngageIQ for Leaders

Vymo EngageIQ for Sellers

U.S. Media Contact:

Meir Kahtan

MKPR

mkahtan@rcn.com

+1 917-864-0800

Michael Palmisano

Vice President, Marketing