Verizon's Samsung Galaxy S III G7 software update Rolling-Out

Verizon is Now pushing-out the first Galaxy S III software Update. The Update code named "G7" and its size is 30.9 MB, so it doesn't take too long if you are connected to 4G LTE or Wi-Fi.

After it is downloaded, it will ask you to accept the terms and that the phone will restart and can't make any calls during the process. The actual update takes about 5 minutes, and the phone will reboot once finished.

The main fix in the I535VRALG7 firmware is that it will resolve the "No SIM" error message that some people have been receiving, despite them changing out their SIM for a new one. Other benefits include improved stability and connectivity with Back Up Assistant, support for viewing the Guided Tour video's over the cellular network, improved data connectivity when using SBeam, and NFC tagging issues resolved.

Source