Insurance innovation boosted by digital efficiency.

June 2, 2024
1 min read




Key Elements of Evolving Insurance with Digital Efficiency

TLDR:

  • Raghav Tanna emphasizes the importance of digital efficiency in the insurance industry.
  • Applied Systems aims to streamline commercial lines by building a digital roundtrip of insurance.

In the evolving landscape of insurance, digital efficiency is becoming increasingly important. Raghav Tanna, SVP of commercial lines at Applied Systems, highlights the need for a more streamlined and automated approach to insurance processes. He envisions a future where consumers can easily access and submit insurance information online, allowing for a more consultative agency approach.

Applied Systems is working towards building a digital roundtrip of insurance, connecting all aspects of the process from submissions to policy downloads. This integrated approach aims to make commercial lines more effective and efficient, especially in the current hard market. By providing solutions like Tarmika Insured for new business and a renewal workflow tied to the Applied Epic platform, agents can save time and improve overall productivity.

Submitting applications to carriers through a portal can take up to 30 minutes per carrier, but with tools like Tarmika and Applied Epic, brokers can submit one application to multiple carriers with just a few clicks. This efficiency not only saves time but also allows brokers to focus on more important tasks. Embracing automation and connectivity, along with the right technology tools, can lead to significant ROI in the commercial lines sector.

While technology is a valuable asset, Tanna emphasizes the need to understand the specific issues within an agency before implementing tech solutions. It’s important to use technology in the right way and address problem statements thoughtfully. Applied Systems offers solutions to help agencies navigate the digital transformation in the insurance industry.


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