Applied Systems Reports Increasing Connectivity and Industry Growth of SME eTrading
Data indicates adoption of digital transactions and premium growth via Applied TAM Commercial Lines panel
Brighton, UK – May 12, 2016 – Applied Systems today revealed compelling data that demonstrates increased growth of SME eTrading between insurers and independent insurance brokers via Applied TAM. Data reveals expansion of Applied TAM Commercial Lines panel and a significant increase in transactions and gross written premium, demonstrating continued market adoption of SME eTrading solutions to drive business growth.
Key Commercial Lines growth trends from the research include:
- Transaction Growth – Applied has experienced a significate increases in unique brokers quoting directly within Applied TAM. Notably, total transactions, including Quotes, New Business, Mid-Term Adjustments, and Renewals, among others, increased by more than 130 percent year-over-year.
- Broker Adoption – numbers indicate that brokers are realizing the benefits of automated SME eTrading, with broker adoption growing by 81 percent year-over-year. Markedly, brokers are leveraging SME eTrading most frequently for New Business and Renewal transactions.
- Product Offering Expansion – from the beginning of 2014 to date, Applied has roughly doubled the product lines available via the application and expanded the number of insurers represented on the panel with the addition of AXA, RSA, Allianz and QBE. Notably, Property Owners and Tradesman are the two highest quoted products by brokers.
Applied TAM allows businesses to automate daily operational processes, client policy information, and insurer connectivity, and is the only management system in the UK to support mobile and customer self-service capabilities. Through an automated and easy-to-navigate interface, Applied TAM provides deep visibility into day-to-day broker operations to reduce time spent on administrative tasks, decrease errors and omission risk, provide a seamless employee onboarding and training experience, and better respond to customer needs. Applied TAM automates the business operations for more independent insurance businesses than any other broker management system, enabling more users to focus on the core business of selling insurance and servicing their customers.
“Consumer expectations for anytime, anywhere service is redefining the insurance experience, requiring insurers to deliver increased eTrading with their broker partners to meet consumer demand for quick service and differentiated product offerings,” said Jeff Purdy, senior vice president of International Operations, Applied Systems. “The continued market growth and adoption of our Commercial Lines panel demonstrates an increasing appetite from brokers and insurers to digitally differentiate and quickly grow their business. As an industry leader, Applied remains committed to increasing broker-insurer connectivity through continued expansion of our Commercial Lines panel to provide additional insurer and product choices.”
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About Applied Systems
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 data exchange between brokerages, insurers and their clients, Applied is the world’s largest provider of agency and brokerage management systems, serving customers throughout the United States, Canada and the United Kingdom. By automating the insurance lifecycle, Applied enables millions of people around the world to safeguard and protect what matters most.