Independents to Take Advantage of Big Data with Applied PerformanceManagement
UNIVERSITY PARK, IL: Applied Systems, the provider of insurance software, recently released the Applied PerformanceManagement. As there are few tools available n the market which allow independent brokers and agents take advantage of the Big Data; however, progress is being made on this front with the introduction of the new software, reports Insurance Business.
Reid French, CEO, Applied Systems, said, “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. 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.”
Applied PerformanceManagement is an analytics software application which transforms data into business performance insights. It enables brokers and agents to manage their business better and profitably. The software provides agencies and brokerages with graphical representations of the present business performance. It allows for faster and more informed business decisions based on the rich data which is contained in the Applied agency management system. It incorporates the capabilities of Applied Epic and Applied TAM, by combining numerous sources of agency and brokerage management system data in multidimensional ways for complete business performance reports.
According to Joe Pratts, Chief Operating Officer, Hoffman Brown Company, “The solution uses our own data to create a visual analysis of our business. 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.”
The software reviews performance data through a built-in scorecard interface which is associated to Key Performance Indicators. The KPI’s are used in insurance agencies and brokerages, including client management and retention, productivity and profitability management, and opportunity and growth management. As executives now have better visibility into the KPI’s, they can quickly collaborate and combine resources, activities and employees to accomplish crucial and vital objectives and priorities.