Vecto Joins Guidewire Insurtech Vanguards Program

Rhea-AI Summary

Vecto (NYSE: VECTO) joins Guidewire's Insurtech Vanguards program, offering alternatives to traditional replacement vehicles. The company aims to assist insurers in adopting innovative solutions for property and casualty (P&C) claims processing.

Positive

• Vecto's partnership with Guidewire's Insurtech Vanguards program demonstrates its commitment to providing innovative solutions for P&C claims processing, potentially leading to increased efficiency and cost savings for insurers.

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• None.

NEW YORK, Aug. 8, 2023 /PRNewswire/ -- Vecto, a vendor-neutral platform that offers alternatives to traditional replacement vehicles, announced that the company has joined Guidewire's Insurtech Vanguards program, an initiative led by property and casualty (P&C) cloud platform provider, Guidewire (NYSE: GWRE), to help insurers learn about the newest insurtechs and how to best leverage them.

"Vecto is thrilled to be a part of Guidewire's Insurtech Vanguards program," said Brian Aumueller, Founder & CEO of Vecto. "This opportunity not only improves our offering to insurers, but allows us to network with a wide variety of other insurtechs and carriers within the Guidewire world. We see Vecto as the future of rental replacement, where every insurer can give their customers the ability to choose whatever transportation option that best fits their needs. Our platform can do this while simultaneously lowering costs for insurers, and we look forward to expanding as an Insurtech Vanguard."

Insurtech Vanguards is a community of select startups and technology providers that are bringing novel solutions to the P&C industry. As part of the program, Guidewire provides strategic guidance to and advocates for the participating insurtechs, while connecting them with Guidewire's P&C customers.

"We're excited to welcome the Vecto team to the Insurtech Vanguards program," said Laura Drabik, Chief Evangelist, Guidewire. "They are effectively using their technology to provide a better experience for both the customer and the claim reps while lowering costs."

Vecto is onboarding insurers who have an interest in broadening their rental replacement options in the traditional rental sense, as well as those who would like to add alternative transportation options like ridesharing and any other transportation models that prove themselves in the market moving forward. Their vendor-neutral platform has a simple workflow that limits the administrative burden on adjusters offering these types of services to insureds and claimants.

CONTACT
Jon Horn, Business Development Director
Vecto
jon.horn@govecto.com
https://govecto.com/

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SOURCE Vecto

FAQ

What is Vecto's ticker symbol?

Vecto's ticker symbol is VECTO on the New York Stock Exchange (NYSE).

What is the purpose of joining Guidewire's Insurtech Vanguards program?

Vecto aims to offer alternatives to traditional replacement vehicles and assist insurers in adopting innovative solutions for property and casualty (P&C) claims processing.

What is the significance of this partnership for Vecto?

This partnership demonstrates Vecto's commitment to providing innovative solutions for P&C claims processing, potentially leading to increased efficiency and cost savings for insurers.