Applied Systems reveals results of annual Applied Digital Brokerage Survey
University Park, IL (June 12, 2019) – Applied Systems has announced the findings of its annual Applied Digital Brokerage Survey, providing an industry-wide benchmark for brokerages to measure their digital technology adoption and progression towards digital transformation. Survey responses provided the data to calculate a digital score for each business and identify baselines for technology adoption. The 2019 Applied Digital Brokerage results indicate that 43% is the average digital technology adoption score at a brokerage – nearly the same as 2018.
Key survey findings include:
- Foundational management system: Ninety-six percent of brokerages leverage a management system, confirming that it is the foundation of business operations and indispensable for day-to-day operations.
- Mobile: Forty-seven percent of brokerages have mobile access to management system information and even fewer, 18% and 24% respectively, offer client mobile apps and self-service portals. Given 90% of consumers expect an online portal for customer service (Microsoft®), the time is now for businesses to embrace mobile technology for both clients and staff.
- Insurer connectivity: Ninety-one percent of brokerages receive download directly into their management systems. Use of download services is strong across all regions, with a notable 75% increase in eDoc and Messages download compared to 2016.
- Analytics: Twenty-three percent of brokerages use data analytics to gain insights from their management system data. Year over year, adoption increased by 3%.
- Cloud: Sixty-nine percent of brokerages host operations in the cloud, and it continues to be the top choice for software hosting.
“Technology is elevating a brokerage’s role as a trusted advisor, providing the anytime, anywhere service demanded by today’s connected consumer,” said Michael Howe, senior vice president of Product Management, Applied Systems. “This report further demonstrates that businesses whom embrace technology stand to realize the benefits of more efficient operations, increased customer satisfaction, and greater business growth in the digital age of insurance.”
More than 850 independent brokerages across the U.S., Canada, UK and Ireland participated in the fourth Annual Applied Digital Brokerage Survey, from which the results of this report were generated. Respondents voluntarily participated in an online survey conducted in Q1 2019. The findings are based on responses to a set of questions about brokerage technology use. Responses provided the data to calculate a digital score for each business taking the survey and identify baselines for technology adoption.
The survey questions examined five core competencies of a digital brokerage, including management system capabilities, mobility, insurer connectivity, data analytics and cloud software. Businesses scoring 80% or higher across all core competencies were considered to be digital brokerages, having adopted most of the key drivers of digital transformation.
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 the innovation leader, Applied is the world’s largest provider of brokerage management systems, 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 around the world to safeguard and protect what matters most. For more information, please visit appliedsystems.com.
SOURCE: Applied SystemsTags: Applied Systems, Brokers, survey