“We have to acknowledge, insurance is very archaic. Some customers, if you can believe it, still want things mailed to them”
Leticia Trevino, chief Heffernan Insurance Brokers
“Connectivity to these carrier systems allows you to reduce a process that used to take hours down to minutes, and eventually down to seconds”
Raghav Tanna,
Applied Systems
In Partnership with
Enhancing commercial lines and technology
How can firms maximize profitability and growth by embracing commercial lines’ expansion and technology? Insurance Business TV spoke to experts at Applied Systems to find out more
Read on
Anupam Gupta
Applied Systems
Raghav Tanna
Applied Systems
Chase Petrey
Applied Systems
Leticia Trevino
Heffernan Insurance Brokers
Industry experts
WHEN YOU marry an expansion in commercial lines with budding technology, you’re likely to maximize profitability and growth.
During a recent power panel on insurance technology for Insurance Business TV, featuring Applied Systems, experts from the company and a partner at Heffernan Insurance Brokers talked about how they bridge the technological divide, and why tech is becoming imperative to staying competitive and efficient.
But what frictions do agents experience when it comes to a lack of connectivity throughout the policy lifecycle?
“We spend a lot of time studying what we call the customer journey,” said Anupam Gupta, chief product officer at Applied Systems.
At every stage in the life cycle, the persistent problems are manual re-keying of data, and the fact that not all stages are talking to each other. Also, there is still work to be done on connectivity between an agency management system and different carriers.
Leticia Trevino, chief compliance officer, Heffernan Insurance Brokers, agreed with Gupta on the pain points.
From her agency’s point of view, taking advantage of some of the solutions that Applied offers has been a boon, along with taking advantage of some of the other available technology on the market.
This begins with a policy coming in, through to the renewal cycle, and all of the paperwork that entails. Policies can be big documents, and there is still a lot of manual entry of data required for the agency management system, especially on the commercial lines side.
“That’s where the problem begins. There’s a lot of manual keying-in of data," said Gupta.
Fast forward to a year later, and it’s renewal time – time to generate a new application and a submission to different carriers, shopping for better rates or better coverages, for example.
Some submissions to carriers can be done in an automated manner, according to Gupta, but others still require manual submission.
“That process can be optimized further,” said Gupta.
Trevino pointed to data enrichment – being able to have connectivity with other platforms, which allows her firm to cleanse the data it has. Heffernan has also been digitizing supplemental applications and getting them to customers in a simplified fashion, moving away from the old print-and-snail-mail method. Another advancement has been making the customer pay experience more streamlined.
Further to this, there’s a question of how insurance agents are interacting with their clients – because technology can help out there, too, Gupta said.
Raghav Tanna, senior vice president, commercial lines at Applied Systems, was frank about “really small” commercial lines not being “all that profitable for agencies,” although “it always has been for carriers.” A $1,000 policy is not going to make an agency enough money to make up for the time it takes to quote and bind it.
“Connectivity to these carrier systems allows you to reduce a process that used to take hours down to minutes, and eventually down to seconds,” said Tanna. “We are taking all of this connectivity to various carriers across the market into our own internal systems at Applied, and into the agency systems as well, allowing them to streamline their quoting process and their binding process in a way that finally makes it profitable for agencies.”
Trevino agreed that, in her experience, “every time you touch a small commercial account, you lose money on it. Where you can take advantage and leverage technology and efficiency, that is amazing.”
A lot of carriers are also moving up that premium threshold, to large commercial. It is her hope that all of the infrastructure being put in place today will move up from small commercial benefits to larger commercial down the road.
Applied Systems is also seeing technology being used to improve payment processes and help agents get to grips with the customer experience and meeting customer needs.
“Payment processing, from a consumer perspective, has already been through this process,” said Chase Petrey, chief payments officer, Applied Systems. There are one-click purchases already available on Shopify or Amazon, for example. Petrey pointed out that when it comes to commercial lines, a lot of agency billing is commercial policies. When a business leader makes a payment, it is often still being done in the traditional way, like an AP (accounts payable) platform, or even through physical cheques.
But as someone who has likely used Amazon, or an online service like it, they know that a different payment system is available.
“That expectation is now bleeding into interfacing with our agencies,” said Petrey. “Now, we can do one-click purchases. It’s very, very easy for agencies to be able to provide that Amazon-like experience, that consumer-level pay experience,” through systems like Applied Pay.
“We have to acknowledge, insurance is very archaic,” said Trevino. Her firm is in the midst of bringing in a lot of technology. But she can still recall generating invoices and emailing them to clients. “Some customers, if you can believe it, still want things mailed to them.”
Now, her firm has a QR code, and links directing clients to the website, making the payment system a lot more efficient. And of course, all this means less reconciling has to go on.
“I’m an online shopper,” she said. “The insurance buying process should be very similar” to buying online.
So how can digital technology across the insurance life cycle help agents get to know their clients better and also know their own businesses better?
For Gupta, the first thing is knowing what is going on in your own business, and doing an inventory to find out
whether you have access to the data you need. Moving data to new, modern forms means that all of that data is now available for business analytics.
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 and 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 around the world to safeguard and protect what matters most.
Find out more
As Applied’s chief product officer, Anupam Gupta is responsible for the company’s product vision and product management teams. He was formerly CPO at 4C Insights, a sophisticated data and analytics SaaS provider to the adtech/martech industries. 4C Insights was acquired by Mediaocean, the mission-critical platform for omni-channel advertising, with more than $200 billion in annualized media spend managed through its software, connecting the ecosystem of agencies, brands, media, technology and data. As CPO of the combined companies, he spearheaded their product transformation to the cloud, adding new products fueled by data and intelligence infused into the core workflow.
Applied Systems
Anupam Gupta
After graduating from Bentley University in 2015, Raghav Tanna got his start in the insurance industry as a commercial insurance producer and underwriter. In 2018, Raghav co-founded Tarmika, a single-entry commercial lines rating solution, with the goal of empowering independent agents with tech built for them. As a web-based solution, Tarmika uses API technology to allow independent agents to quote multiple carriers in a single entry. After Applied Systems acquired Tarmika in 2022, Raghav transitioned into a new role, senior vice president of small commercial lines.
Applied Systems
Raghav Tanna
Chase Petrey is the president of Applied Pay at Applied Systems and is responsible for the P&L of the business including strategy, engineering, product, and go-to-market. He has had a diverse career in the enterprise software industry, bringing with him fintech, software as a service (SaaS), and analytics skills. Petrey also serves as president of the Salt Lake City chapter of Silicon Slopes, a nonprofit organization that exists to empower Utah’s tech community to learn, connect, and serve to make entrepreneurship open and accessible to all.
Applied Systems
Chase Petrey
As chief insurance compliance officer, Leticia Trevino is charged with oversight of insurance operations, with an emphasis on systems, corporate licensing, and compliance, data, and process improvement across all divisions, as well as training infrastructure and delivery, leveraging her deep-rooted insurance expertise. Leticia is a seasoned executive with over 25 years of insurance experience focused on improving operational efficiency and customer retention and satisfaction to drive profitable growth. Her background extends across the carrier, broker, and TPA space. She was formerly chief operating officer at Patra Corp, an insurance technology and business processing firm.
Heffernan Insurance Brokers
Leticia Trevino
In Partnership with
Enhancing commercial lines and technology
How can firms maximize profitability and growth by embracing commercial lines’ expansion and technology? Insurance Business TV spoke to experts at Applied Systems to find out more
Read on
Leticia Trevino
Heffernan Insurance Brokers
Chase Petrey
Applied Systems
Raghav Tanna
Applied Systems
Anupam Gupta
Applied Systems
Industry experts
As Applied’s chief product officer, Anupam Gupta is responsible for the company’s product vision and product management teams. He was formerly CPO at 4C Insights, a sophisticated data and analytics SaaS provider to the adtech/martech industries. 4C Insights was acquired by Mediaocean, the mission-critical platform for omni-channel advertising, with more than $200 billion in annualized media spend managed through its software, connecting the ecosystem of agencies, brands, media, technology and data. As CPO of the combined companies, he spearheaded their product transformation to the cloud, adding new products fueled by data and intelligence infused into the core workflow.
Applied Systems
Anupam Gupta
After graduating from Bentley University in 2015, Raghav Tanna got his start in the insurance industry as a commercial insurance producer and underwriter. In 2018, Raghav co-founded Tarmika, a single-entry commercial lines rating solution, with the goal of empowering independent agents with tech built for them. As a web-based solution, Tarmika uses API technology to allow independent agents to quote multiple carriers in a single entry. After Applied Systems acquired Tarmika in 2022, Raghav transitioned into a new role, senior vice president of small commercial lines.
Applied Systems
Raghav Tanna
Chase Petrey is the president of Applied Pay at Applied Systems and is responsible for the P&L of the business including strategy, engineering, product, and go-to-market. He has had a diverse career in the enterprise software industry, bringing with him fintech, software as a service (SaaS), and analytics skills. Petrey also serves as president of the Salt Lake City chapter of Silicon Slopes, a nonprofit organization that exists to empower Utah’s tech community to learn, connect, and serve to make entrepreneurship open and accessible to all.
Applied Systems
Chase Petrey
As chief insurance compliance officer, Leticia Trevino is charged with oversight of insurance operations, with an emphasis on systems, corporate licensing, and compliance, data, and process improvement across all divisions, as well as training infrastructure and delivery, leveraging her deep-rooted insurance expertise. Leticia is a seasoned executive with over 25 years of insurance experience focused on improving operational efficiency and customer retention and satisfaction to drive profitable growth. Her background extends across the carrier, broker, and TPA space. She was formerly chief operating officer at Patra Corp, an insurance technology and business processing firm.
Heffernan Insurance Brokers
Leticia Trevino
In Partnership with
Enhancing commercial lines and technology
How can firms maximize profitability and growth by embracing commercial lines’ expansion and technology? Insurance Business TV spoke to experts at Applied Systems to find out more
Read on
Leticia Trevino
Heffernan Insurance Brokers
Chase Petrey
Applied Systems
Raghav Tanna
Applied Systems
Anupam Gupta
Applied Systems
Industry experts
After graduating from Bentley University in 2015, Raghav Tanna got his start in the insurance industry as a commercial insurance producer and underwriter. In 2018, Raghav co-founded Tarmika, a single-entry commercial lines rating solution, with the goal of empowering independent agents with tech built for them. As a web-based solution, Tarmika uses API technology to allow independent agents to quote multiple carriers in a single entry. After Applied Systems acquired Tarmika in 2022, Raghav transitioned into a new role, senior vice president of small commercial lines.
Applied Systems
Raghav Tanna
Chase Petrey is the president of Applied Pay at Applied Systems and is responsible for the P&L of the business including strategy, engineering, product, and go-to-market. He has had a diverse career in the enterprise software industry, bringing with him fintech, software as a service (SaaS), and analytics skills. Petrey also serves as president of the Salt Lake City chapter of Silicon Slopes, a nonprofit organization that exists to empower Utah’s tech community to learn, connect, and serve to make entrepreneurship open and accessible to all.
Applied Systems
Chase Petrey
As chief insurance compliance officer, Leticia Trevino is charged with oversight of insurance operations, with an emphasis on systems, corporate licensing, and compliance, data, and process improvement across all divisions, as well as training infrastructure and delivery, leveraging her deep-rooted insurance expertise. Leticia is a seasoned executive with over 25 years of insurance experience focused on improving operational efficiency and customer retention and satisfaction to drive profitable growth. Her background extends across the carrier, broker, and TPA space. She was formerly chief operating officer at Patra Corp, an insurance technology and business processing firm.
Heffernan Insurance Brokers
Leticia Trevino
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As Applied’s chief product officer, Anupam Gupta is responsible for the company’s product vision and product management teams. He was formerly CPO at 4C Insights, a sophisticated data and analytics SaaS provider to the adtech/martech industries. 4C Insights was acquired by Mediaocean, the mission-critical platform for omni-channel advertising, with more than $200 billion in annualized media spend managed through its software, connecting the ecosystem of agencies, brands, media, technology and data. As CPO of the combined companies, he spearheaded their product transformation to the cloud, adding new products fueled by data and intelligence infused into the core workflow.
Applied Systems
Anupam Gupta
Published 11 Dec 2023
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Contact Us
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People
“Access to data, turning that into useful insights – that is key”
Anupam Gupta,
Applied Systems
“Now, we can do one-click purchases. It’s very, very easy for agencies to be able to provide that Amazon-like experience, that consumer-level pay experience”
Chase Petrey,
Applied Systems
Data connectivity and enrichment
Making payment systems pay off
“So now you can do all kinds of risk analysis,” Gupta said, as well as understanding more about the make-up of the customer base, renewal rates, etc. “Access to data, turning that into useful insights – that is key.”
So how should brokers who are looking to make this technological leap approach it?
“Be open-minded,” advised Trevino. “We are at a pivotal time now, with AI and new technology coming into play,” she said. “It’s super important not just to have data, but to leverage it … [because] the future is now.”
A quick look at Applied
2,500 + customer-obsessed members of Team Applied
160,000 + people wake up and use Applied software every day
5 regions that the company operates in
40 years of tinkering
8 offices across the United States
3 offices in Canada, including Toronto, Windsor, and Montreal
2 offices in United Kingdom, including Brighton, and Belfast
2 offices in Ireland, including Galway and Dublin
1 office in Bangalore, India
Headquartered in Chicago, here’s a look at a few facts about Applied Systems
Source: Applied Systems
How are agencies using technology?
51% have a digital strategy
99% have a management system
38% use business insights from their AMS data
20% use standalone CRM and/or sales automation applications
33% use a marketing automation application
62% have tech that allows staff to interact with their AMS via their mobile device
33% provide a self-service mobile app to clients
41% provide a self-service portal to clients
Applied Systems spoke to more than 600 agencies to compile its 2022 Digital Technology Survey. The survey found that:
Source: Applied Systems’ 2022 Digital Technology Survey
