The independent agent and broker channel has had few tools available to leverage “big data,” something businesses in all sectors increasingly recognize as important. But progress is being made on this front, as evidenced by a new product that just recently went on the market.
Applied PerformanceManagement, a new analytics software application that transforms data into business performance insights designed to enable agents and brokers to more profitably manage their business, became widely available in late February after a controlled release period from Applied Systems, a leading provider of insurance software.
The new software provides agencies and brokerages graphical representations of current business performance to make faster, more informed business decisions based on the rich data contained within their Applied agency management system. It extends the capabilities of Applied Epic and Applied TAM by aggregating multiple sources of agency and brokerage management system data in multidimensional ways for comprehensive business performance reports.
“The solution uses our own data to quickly create a visual analysis of our business,” said Joe Pratts, chief operating officer, Hoffman Brown Company. “It extends the capabilities of our agency management system by delivering a multitude of advanced reports that enable us to make more informed decisions and capitalize on new opportunities for our agency.”
Applied PerformanceManagement reports performance data through an intuitive scorecard interface aligned to key performance indicators (KPIs) used in insurance agencies and brokerages, including client management and retention, productivity and profitability management, and opportunity and growth management. With this greater visibility into KPIs, executives can more quickly align resources, activities and employees to achieve strategic objectives and priorities.
“Applied PerformanceManagement delivers enhanced data analytics capabilities to insurance agencies and brokerages to capitalize on the vast amount of rich data their agency and brokerage management systems produce,” said Reid French, CEO, Applied Systems. “Through data analytics, Applied Systems is enabling insurance agencies and brokerages to better understand their business and make more insight-driven and customer-focused decisions.”
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