June 5, 2015 by Canadian Underwriter
Applied Systems has announced the availability of Applied PerformanceManagement 2015 – meant to extend user-driven analysis and visual business insights – to insurance agencies and brokerages in the United States and Canada.
The offering helps “insurance executives gain greater visibility into operational performance based on their organizational structure, clients and geographies,” notes a statement earlier this week from software provider Applied Systems.
“Access to this broader range of information allows executives to more easily identify new business, active business, attrition, renewals or net growth based on all employees, clients or lines of business associated to an agency or brokerages’ key performance metrics,” the company reports.
Applied PerformanceManagement is a cloud-based business intelligence solution that can be implemented quickly into agency and brokerage operations through seamless integration into Applied EpicOnline and Applied TAMOnline, notes the company statement. It presents data in a visual interface with graphical dashboards that deliver multiple levels of analysis on key performance business indicators for an agency’s or brokerage’s book of business, employee operations and insurer relationships.
Among the 2015 enhancements are the following:
• Greater organizational insights: Revenue Per Employee (RPE), a critical industry benchmark, is now represented as a trend analysis over time, enabling managers to more easily view the current month’s RPE and a 13-month history and trending of RPE.
• Enhanced agency, brokerage and client level detail: The product now delivers client level analysis within the organization, as well as employee and insurer dashboards, enabling an agency or brokerage to quickly identify clients’ value, size, policy mix, and trends over time.
• Expanded geographic capability: Enhanced views offer more detailed geographic information about an agency or brokerage’s business by showing a user the full range of clients, policy types, employees and postal codes listed by their monetary value within a geographic area.
“Changing market conditions and client experience expectations are redefining how insurance agencies and brokerages evaluate their business operations and book of business to more quickly identify opportunities to accelerate growth and profitability,” Michael Howe, senior vice president of product management for Applied Systems, notes in the statement.
The idea is to help insurance executives gain additional levels of organizational insights, “enabling users to extend traditional reporting from ‘what happened’ to ‘why something happened’,” Howe adds.