Company: Applied Systems; Chicago, IL
Company Description: Applied Systems is the leading global provider of cloud-based software that powers the business of insurance. Recognized as a pioneer in insurance automation and the innovation leader, Applied is the world’s largest provider of agency and brokerage management systems, serving customers throughout the United States, Canada, the Republic of Ireland, and the United Kingdom.
Nomination Category: Company / Organization Categories
Nomination Sub Category: Company of the Year - Insurance - Large
 Nomination Title: Applied Systems
- Which will you submit for your nomination in this category, a video of up to five (5) minutes in length about the achievements of the nominated organization since January 1 2023, OR written answers to the questions for this category? (Choose one):
Written answers to the questions
- If you are submitting a video of up to five (5) minutes in length, provide the URL of the nominated video here, OR attach it to your entry via the "Add Attachments, Videos, or Links to This Entry" link above, through which you may also upload a copy of your video.
- If you are providing written answers for your submission, you must provide an answer to this first question: Briefly describe the nominated organization: its history and past performance (up to 200 words):
Total 187 words used.
Applied Systems is the leading global provider of cloud-based software that powers the business of insurance. Recognized as a pioneer in insurance automation and the innovation leader, Applied is the world’s largest agency and brokerage management systems provider, serving customers throughout the United States, Canada, the Republic of Ireland, and the United Kingdom. By automating the insurance lifecycle, Applied’s people and products enable millions of people worldwide to safeguard and protect what matters most.
With a complete agent-led roundtrip of the policy lifecycle as its ultimate goal, Applied has been building its portfolio for more than 40 years to enable a single source of data that can store customer and policy data and use it to automate operational workflows and connect to carrier- and customer-facing applications. Applied Epic is the agent’s technology foundation to leverage essential tools including customer relationships management, sales automation, financial accounting, reporting, and policy and benefits administration. Its open and scalable architecture supports API-driven integrations of both Applied and third-party applications to seamlessly flow data between applications without ever leaving their core system, thus enabling what Applied calls the Digital Roundtrip of Insurance.
- If you are providing written answers for your submission, you must provide an answer to this second question: Outline the organization's achievements since the beginning of 2023 that you wish to bring to the judges' attention (up to 250 words):
Total 250 words used.
This year Applied acquired Planck, the leading AI company for the insurance industry. This significantly expands Applied’s AI capabilities, creating more value at every stage of the insurance lifecycle for industry stakeholders by enhancing the speed and quality of critical business processes.
Applied launched Epic Quotes Commercial Lines, bringing instant comparative rating capabilities natively into Applied Epic so agencies can pre-populate customer and risk data already in their AMS to remove redundant data entry and quote multiple carriers in a single interface.
Applied launched Epic Dashboards, embedded analytics that democratize access to the vast data captured in Applied Epic. Data is organized into insightful visualizations tailored to help leaders and team members across the agency understand trends within an agency’s book of business, employee workload, and preferred carriers.
To improve the premium payment process, Applied embedded premium finance into Applied Pay, delivering advanced financing options at checkout and helping agencies grow their revenue. Other new capabilities such as automated receipt reconciliation and simplified routing of unvalidated payments have simplified the collection and reconciliation processes.
2024 Achievements:
- Consistent year-over-year revenue growth of 15%
- Flagship product Applied Epic exceeded 195,652 users globally
- 1,000+ new brokerage management systems were activated with 10,000 new users
- Reduced solution implementation time by 16 days
- Reduced Support inquiry response time by 30%.
- Applied Pay processing volumes have grown 343% since Q4 2023
- 30-second average wait time to chat online with a Support Specialist
- 88% of employees see Applied as a great place to work
- If you are providing written answers for your submission, you must provide an answer to this third question: Explain why the achievements you have highlighted are unique or significant. If possible compare the achievements to the performance of other players in your industry and/or to the organization's past performance (up to 250 words):
Total 192 words used.
While there are several insurtechs and solution providers that have set out to remedy aspects of these agency challenges, only Applied has been able to truly connect the Digital Roundtrip of Insurance and create a seamless end-to-end experience for all stakeholders. The Digital Roundtrip of Insurance allows agents to remain in their management system from the beginning of the customer relationship to renewal, starting with marketing and sales, to searching for appetite and quoting risks, to customer payment, and back around again to providing the customer with their bound policy in their customer portal.
The insurance industry is historically riddled with paper-driven, manual processes, often creating inefficient workflows and poor customer experiences. Creating connectivity with the Digital Roundtrip of Insurance alleviates these challenges to benefit the entire industry. Agents are more efficient when workflows are automated across platforms, as well as more competitive because they can go to market more quickly and spend more time providing strategic advice to their customers. By connecting directly with agency technology, carriers create new business opportunities by growing in-appetite premium with current and potential new agency partners and gain insights to gauge distribution productivity and profitability.
- You have the option to answer this final question: Reference any attachments of supporting materials throughout this nomination and how they provide evidence of the claims you have made in this nomination (up to 250 words):
Total 236 words used.
Innovations
Recognition
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