Welcome to the Next Generation of Insurance! Our industry stands at the threshold of an exhilarating technological revolution powered by artificial intelligence (AI), which is married to insurance expertise and insurance-specific data, or what is known as “vertical AI.” While any company can access general or horizontal AI models, experts agree that to take advantage of the power of AI, partnering with a vertical market specialist who can train AI models on industry – and even company-specific use cases will unlock far greater value.
Applied Systems is ready to partner with you to unleash a huge wave of value at the intersection of AI and insurance expertise, driving AI adoption across various aspects of the insurance industry.
Factors Driving the Next-Generation of Insurance
So, what is accelerating our industry? What is the common denominator connecting all these forces? The answer is simple: technology.
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Data and Business Intelligence
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Insurance Industry Talent Gap
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Seamless Experience for All Stakeholders
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Real-Time Connectivity
Connecting the Digital Roundtrip:
AI-Powered for the Next Generation of Insurance
This new era promises a more efficient, responsive, and customer-centric insurance ecosystem, attuned to the needs of today’s digital-savvy consumers and insurance professionals. We're investing in technology across the entire Digital Roundtrip of Insurance that connects sales, marketing, policy management, markets, and financial management – all within your core system. We believe AI will permeate every aspect of the Digital Roundtrip, making our products more automated, intelligent, and productive.
So, why care? Over the next several years, based on leading industry analysis from firms like Bain and McKinsey and our customer-backed data and research, we expect AI to meaningfully impact agencies’ businesses, driving real top-line growth and bottom-line savings.
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30%
More Revenue
Boost from effective cross-selling
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40-50%
More Productive
Less time spent on manual tasks like renewal comparisons and policy checking
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90%
Less E&O Exposure
Fewer data entry and workflow task errors through prefill and automation
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50%
Faster Staff Training
Less time spent upskilling and onboarding new employees
Applied Is Uniquely Positioned to Solve the Industry's Most-Pressing Challenges
Succeeding in the next generation requires a connected, intelligent ecosystem of workflows across all lines of business and core agency functions. It requires a technology specialist’s focus that has deep experience in the insurance vertical, an integrated approach to software development, the largest network of carrier connectivity, and a unique insurance data set to deliver vertical-specific data insights and AI solutions that ensure agencies focus their time where it matters most. So, what makes us different and ready to be THE leader in insurance AI?
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Deep domain expertise gives us a specialist’s edge
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Integrated suite of solutions that cover the end-to-end policy lifecycle
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Largest carrier network gets us closest to distribution challenges – on both ends of the channel
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Unmatched insurance data differentiates our AI-enabled vertical solutions from horizontal offerings
Not All Things Are Created Equal: The Vertical AI Difference
AI experts agree that the most valuable application of AI-enabled solutions will be in vertical, market-specific use cases. Unlike more general AI tools (horizontal AI), our AI solutions are crafted specifically for insurance.
Here are three important factors to consider when evaluating why vertical AI is for your business:
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Insurance data and workflows are the backbone for AI models to learn from and provide hyper relevant use cases from day 1.
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Your staff can get the benefit of AI capabilities natively as part of existing systems and daily workflows.
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You can feel confident that AI and the data is operating within the security infrastructure of existing systems and processes you already trust.
The AI Opportunity: Applied Product Vision/Strategy
Applied’s vision is to embed practical, intelligent automation throughout the insurance lifecycle. An AI-amplified Digital Roundtrip of Insurance operating on an agency’s rich book of business data unlocks next-generation value to maximize staff productivity, amplify book of business growth, optimize insurer partnerships, and improve insured satisfaction.
As we consider the Digital Roundtrip of Insurance, we have already begun and will continue delivering meaningful value at every stage. Here are some examples of in-market and in-development capabilities across the Applied portfolio.
Sales and Marketing
Accessible natively within the AMS, an integrated, generative AI tool purpose-built for insurance agents can help create clear, concise, and engaging communications.
Financial Management
A natively embedded solution within the AMS accounting General Leader automates statement reconciliation for direct bill commissions and agency bill carrier payables. Upload statements in any form, scanned images PDF, CSV, etc., and let AI extract information like dates, premiums, policy or plan numbers, and commissions, then transform them into structured financial data for recording and reconciliation.
Submissions and Underwriting
Leveraging Applied’s unique connectivity to the Ivans Distribution Platform™, AI-augmented commercial submissions seamlessly route to underwriters for consolidated review and faster processing. The connectivity between Applied, Ivans and the carriers creates the opportunity for a unique collaboration experience between the underwriter and the agent in a single pane of glass, where questions and communication on missing information, submission status, and more happen seamlessly.
Servicing
Accessible from within the management system or Microsoft Outlook, AI-amplified servicing tools enable agency staff to quickly access information and execute tasks like identifying accounts, adding activities, and auto-summarizing emails using management system policy and account data, policy and endorsement documents, and customer communication.
Policy Management
Integrated and accessible natively in the AMS, an AI-powered growth engine helps identify high-probability cross-sell and upsell opportunities when renewing a policy.
Staying Safe and Secure in the AI Era
At Applied, AI safety and security are top of mind. We build AI responsibly and guide our actions with the intention of being a trustworthy partner to our customers. Our AI systems are designed and developed with ethical considerations in mind: They should be transparent in their decision-making processes, accountable for their actions, and comply with laws and regulations.
Trust and security are always top of mind, guiding Applied's design principals for AI.
We prioritize data privacy and legal compliance in all AI endeavors. AI systems should be designed to be fair and non-discriminatory, meaning they should not be biased against certain groups of people, such as race, gender, or religion. All AI features and use cases must strictly adhere to applicable data privacy laws and regulations, including but not limited to HIPAA, GDPR, and the California Consumer Privacy Act. Our development and product management teams work closely with our legal and compliance teams to stay on top of regulations and their impact on our AI use.
Applied requires that proper security protocols are put in place to protect data from breaches or unauthorized access. AI features and use may not be deployed unless and until such security protocols are in place. Applied minimizes data that may be used for AI development and only collects and uses information for legitimate purposes. AI models are developed in-house and live in their own independent environment, which Applied owns or controls. While Applied may use an external AI model to power certain layers, Applied does not leverage public AI offerings and limits data points to pass as inputs into such models. We further restrict such models from learning from data; wherever possible, we remove identifying information and sanitize the data being used.
We take appropriate steps to prevent the use of identifying information to train a model. Applied prohibits the use of any information to train a third-party AI model.
We leverage a mix of AI models, such as large language models (LLM) and large events models (LEM). We provide transparency by clearly labeling any interaction with or content generated by AI to enable users to determine the impact they want AI to have on the work humans do and the decisions humans make. For example, we include notices indicating where a summary was created by AI and where a second paragraph of text was edited by a human.
Humans retain ultimate control over any AI-driven actions. Users drive the workflow, control decisions, and are responsible for the outcomes. Delivering experiences that keep the human in the driver’s seat allows users to quickly evaluate and decide which AI suggestions to accept so that users have confidence in the information and resulting actions. Want to learn more about how agents like you are working with AI? Watch and subscribe to our Insuring Innovation series on YouTube.
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