As agency revenue increases, so does the challenge of getting the most out of the tool, rising from 62% of agencies that generate $500,000 to $1 million up to 76% of agencies that generate between $3 million and $5 million.
Applied Home National Underwriters will act as a managing general agent and will represent eight carriers, five from Applied and three from other carriers.
Input 1 provides digital billing and payment solutions to insurance carriers, managing general agents (MGAs), banks, agencies and premium finance companies.
As 40% of consumers saw their rates increase, carrier ad spending has decreased and telematics adoption has stabilized after an initial surge, according to a J.D. Power report.
The Technology Summary reveals a number of key insights into the use and adoption of technology by independent agency members.
In 2021, low and medium digital adopters grew their revenue an average of 10% year over year, but high digital adopters grew 17% year over year, according to the study.
Applied Systems hosted Applied Net 2022 this week in Nashville, Tennessee, covering product updates and including a keynote presentation from Mike “Coach K” Krzyzewski, former Duke and Team USA basketball coach.
The study by J.D. Power shows that the increase in auto premiums is dragging down the overall satisfaction of policyholders and hurting retention rates of bundles.
Acuity Insurance, Westfield Insurance and CNA Insurance are the latest carriers to go live on Vertafore’s Commercial Submissions™ platform.
Growth drivers in the MGA space included the strong rebound in the U.S. economy following the coronavirus pandemic and a continued broad-based rise in premium rates.
