Velocity Pricing, Features, Reviews & Comparison of Alternatives

Velocity

Insurance agency management system

4.13/5 (15 reviews)

Velocity overview

What is Velocity?

Velocity - from VRC Insurance Systems - is a comprehensive insurance solution designed to help insurance agencies configure and control workflows for their daily operations. The solution provides an all-in-one insurance solution for the property & casualty market and has been designed to meet the business needs of MGAs (Managing General Agents), MGUs (Managing General Underwriters), program administrators, wholesalers, small carriers, reinsurers and speciality retailers.

An end-to-end agency management system, Velocity provides an extensive set of features integrated into one application. These include a built-in rating engine, policy issuance, direct portal interface with Velocity application (only 1 database), endorsements, renewals, and claims.

Velocity's core functionality includes: policy management & administration; claims management; custom applications; built-in rating; portal interface; accounting; CRM; and client self service. Velocity is an ideal solution for companies that offer non-admitted products requiring custom applications, issuance on-demand, built-in rating, and customizable reporting. Customers include Hub International Northeast, Clear Risk Solutions, Orchid Underwriters and Brit Global Speciality.
www.vrcis.com

Pricing

Pricing options
Subscription
Value for money
View Pricing Plans

Devices

Business size

S
M
L

Markets

United States, Canada

Supported languages

English
VRC Insurance Systems - Velocity

Velocity reviews

Value for money
Features
Ease of use
Customer support
  4.1
  4.1
  3.5
  4.4
Anonymous

Great Company

Used monthly for 6-12 months
Reviewed 2019-01-24
Review Source: Capterra

I look at velocity for business quotes. I always have them quote it and I love I get to work with a company that’s open to different types of business insurance.

Pros
The quickness! When you are looking for a great business quote I always look first at velocity.

Cons
Well, maybe if we could get a business quote approved sooner but I get it’s a process.

Rating breakdown

Value for money
Ease of use
Features
Customer support

Likelihood to recommend: 10/10

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Dawn Myers

Functionality

Used daily for 2+ years
Reviewed 2016-10-13
Review Source: Capterra

I've been with my company now for close to 3 years so I'm fairly new to Velocity but my experience thus far has been excellent. The pros to the system would include Velocity's ability to maintain a database as well as the accounting functionality which I'm happy with because my previous employer had two different systems for these two functions. I've also been impressed with VRC's timely response and attention when I have questions. I rated the ease of use with 3 stars because I would like to see more hyperlinks from one screen to another allowing for easier workflow. Overall my experience with VRC and Velocity has been excellent but as with most technology there are some learning curves to the process.

Pros
Its ability to grow as our company grows and its ability to maintain our database and our accounting information in one place.

Cons
The flow from one screen to another.

Rating breakdown

Value for money
Ease of use
Features
Customer support

Likelihood to recommend: 10/10

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Thomas Barrineau

Waste of Time Had to go back

Used occasionally for free trial
Reviewed 2018-08-03
Review Source: Capterra

Pros
The price was good but ultimately this all wound up costing me extra money and a lot of lost time.

Cons
Bad company. I had a couple of properties that i switched over and they were both canceled and i had to go back to the original company. Ultimately it was a huge waste of time.

Rating breakdown

Value for money
Ease of use
Features
Customer support

Likelihood to recommend: 0/10

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Amy Baumann

Would Highly Recommend

Used daily for 2+ years
Reviewed 2016-10-12
Review Source: Capterra

We purchased VRC to be our Agency Management Solution in 2006 and it has grown and scaled with our changing needs! VRC has continually released upgrades and updates constantly improving the product per our users needs. Since using VRC we have not had to turn down a request from our owners to perform any task within our Agency. I would highly recommend this product to any one needing a flexible platform.

Pros
The flexibility of the product to perform the functions I need.

Cons
The fact that we can't make the screen bigger

Rating breakdown

Value for money
Ease of use
Features
Customer support

Likelihood to recommend: 8/10

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Janice McKinley

First time user

Used daily for 2+ years
Reviewed 2016-10-13
Review Source: Capterra

My company doesn't do a lot of the accounting processes. As I learn new ways to efficiently processes within they system, I share them with my staff in an effort to make our department more proficient within the system. Each year I learn more ways to utilize the program.

Pros
The ability to modify screens to work for department purposes.

Cons
That the system processes without being in balance such as cash, general ledger, etc

Rating breakdown

Value for money
Ease of use
Features
Customer support

Likelihood to recommend: 8/10

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Velocity pricing

Pricing options
Subscription
View Pricing Plans

Contact Velocity for pricing information.

Velocity features

Activity Dashboard
Reminders

API (187 other apps)
Accounting Integration (102 other apps)
Activity Tracking (105 other apps)
Automatic Notifications (138 other apps)
Billing & Invoicing (153 other apps)
Calendar Management (115 other apps)
Customer Database (106 other apps)
Customizable Reporting (131 other apps)
Data Import/Export (130 other apps)
Document Management (113 other apps)
Document Storage (93 other apps)
Electronic Payments (127 other apps)
Inventory Management (147 other apps)
Inventory Tracking (113 other apps)
Invoice Management (141 other apps)
Reporting & Statistics (221 other apps)
Search Functionality (122 other apps)
Third Party Integration (151 other apps)

Videos and tutorials

Additional information for Velocity

Key features of Velocity

  • ACORD forms
  • Captive brokerage
  • Captive sales force
  • Contact management
  • Customer service integration
  • Document management
  • Multi-Line industries
  • Multiple product tracks
  • Policy management
  • Insurance rating
  • Cancellation tracking
  • Claims tracking
  • Commercial lines
  • Comparative insurance rating
  • Knowledge management
  • MGA administration
  • Rating engine
  • Policy generation
  • Policy issuance
  • Policy processing
  • Reinstatement tracking
  • Underwriting management
  • Commercial lines
  • Comparative insurance rating
  • Self service portal
  • Document management
  • MGA administration
  • Multiple line rating
  • Single data entry
  • Wholesale program
  • Carrier upload
  • Lloyds Bordereau reporting
  • Business specific tools
  • Carrier specific applications
  • Renewal management
  • AL3 downloads
  • Reminders
  • Claims management
  • Customer portal
  • Contact database
  • Estimates
  • General ledger
  • Broker / agent portal
  • Project workflow
  • Quotes
  • Sales reporting
  • Dashboard interface
  • Mass solicitations & renewals
  • Budgeting & forecasting
  • Drag & drop attachments & emails
  • Financial reporting
  • Casualty insurance
  • Email templates
  • Online certificates
  • Online application acceptance
  • Prospecting
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Benefits

Velocity's built-in rating enables the internalization of underwriting rules. Rating information can be exposed to anyone on the web.

The software's 'online certificates' feature provides an access point for insurance agents, brokers and clients to input, print, and manage insurance certificates.

Workflows can be automated and duplicate data entry eliminated with Velocity's various functionalities, scripting capabilities, and architectural design.

Velocity is a soft-coded, parameter driven solution that allows insurance agencies to configure and control their own workflows.

VRC's SaaS solution enables companies to eliminate the cost of servers and maintenance