Case Study

Vertech investment in technology to fuel international growth

By leveraging Axiacore's cutting-edge technology across its business operations, Vertech propels a digital transformation turning its insurance business into the industry leader while reducing operational costs.

Key Results:

10x Growth in new markets.
+150,000 Insurance policies processed.
Photo of a cargo ship

Project Stats

Vertech Logo
Industry:
Insurance.
Locations:
Colombia, Mexico, Panama, Costa Rica, El Salvador, Dominican Republic, Nicaragua, Honduras, Ecuador, Peru, Chile, Argentina, Brazil and the United States.
Revenues:
$32M USD.
Axiacore Services:
Discover
Build
Protect
Axiacore Solution:
See it live

Borders are for maps, not for business

In 1998, Vertice Seguros started by addressing the pressing issue of cargo loss on Colombian roads. The industry faced significant challenges in obtaining insurance due to the complexity of assessing transportation risks. Despite limited technological resources, the company remained steadfast in its vision and expanded its operations to 14 countries.

The company's flagship product, Vertech WorldWide is revolutionizing risk management and insurance in transportation and foreign trade. This specialized platform serves as a comprehensive solution, connecting companies with tailored products catering to the unique requirements of the logistics industry.

Vertech's innovative approach has garnered recognition within the industry. The company was honored with the prestigious "Risk Innovator of the Year" award by RISK&INSURANCE magazine, highlighting its leadership in transforming risk management practices within the logistics sector.

Story Highlights

  • Technology investment as a business strategy: Innovation strategies need software optimized for reliability, security, and convenience; It pays off after a couple of years.
  • Tap into new markets effortlessly with software: Opening new markets usually means a big investment upfront, unless you are working with the right technology.
  • Reduce innovation costs with partnerships: Building and managing a technology team is too expensive for a non-tech company, it takes the focus away from your core business.

Technology investment as a business strategy

Innovative strategies are crucial for businesses to stay ahead of the competition. To implement such strategies, companies need reliable, secure, and convenient software solutions. Investing in technology that optimizes reliability, security, and convenience pays off in the long run.

Luisa Ricaurte, a company executive leading growth, talked about the importance of investing in technology. "Some companies are still very conservative with their investment in technology; However, if done well, it is one of the investments that can have the highest return." Vertice Seguros has been investing in technology for more than 20 years, which has helped them improve operational efficiency, increase their competitiveness, and simplify decision-making.

"Working with Axiacore we could find a long-term partner we can trust," said the executive. "They work hard to understand our business and align with our goals," which is necessary to drive results. Therefore, technology investment is an effective business strategy for companies that aim to achieve long-term success and growth.

Tap into new markets effortlessly with software

If you are looking to expand your business and tap into new markets, you may find that it requires a significant investment upfront to do so. However, with the right technology, you can open up new markets effortlessly without the need for such a large investment. By leveraging software, you can streamline your processes, automate your tasks, and reach new customers with ease.

"In the last six years, we have expanded our presence to many countries in America, which is why we continually need new software that requires specialized business knowledge. Axiacore solves this problem quickly and easily," said the executive. Vertice Seguros operates in 14 countries and has the technological capacity to grow much more, their infrastructure scales keeping costs down. This can help you grow your business and find success in new markets without breaking the bank.

Their business has grown to process $32,000,000 in annual insurance premiums, duplicating their clients year over year, and setting the path to process over 150,000 policies every year. The global logistics insurance market size was valued at $46.65 billion in 2015. With the rise of eCommerce, there has been a surge in customer expectations for fast and free shipping. As a result, logistics companies have been under immense pressure to innovate and optimize their supply chain and last-mile delivery processes to meet these demands.

Reduce innovation costs with partnerships

One way to reduce innovation costs for non-tech companies is by forming partnerships. Building and managing a technology team can be a costly endeavor, which can distract from a company's core business. By partnering with other companies or organizations that specialize in technology, non-tech companies can leverage their expertise and resources to drive innovation at a lower cost. This approach can also help non-tech companies stay competitive in their industry and keep up with the fast-paced technological advancements.

"Creating and managing your own technology team involves several challenges that require time and effort, such as finding, retaining, training, and mentoring talent, and implementing reliable operating procedures (SOP), among others. By not having to deal with this, we can focus on our core business" concluded the executive when asked about the impact of working with Axiacore. Any business owner will appreciate the time saved by managing fewer people.

At the end of the day, you get what you pay for, most innovation projects end up not working as a result of poor execution or short-term thinking. Learning from the experience of others is so valuable, when asked for the biggest learning here's what the executive said: "The impact that Axiacore had is summarized in having a stable technological platform, with high-security standards and the latest technological innovations, which has allowed us to be competitive and respond quickly to market needs."