UNIVERSITY PARK, ILL., Sept. 4, 2014 (GLOBE NEWSWIRE) -- Applied Systems today announced that the company has the highest market share of agency management systems used by the 2014 Independent Insurance Agents & Brokers of America (IIABA) Best Practices Agencies. The company has grown its agency management system customer base of Best Practices Agencies to nearly 60 percent, which has been driven by adoption of Applied Epic, the industry's fastest-growing agency and brokerage management system.
Best Practices Agency status is awarded to select independent insurance agencies for outstanding business performance against the study's established benchmarks for revenue performance in areas such as achieving organic growth and increasing profitability. In the evaluation process, Best Practices Agencies consistently identified information technology as a critical driver of success in their business.
"We continue to see a strong correlation between the use of digital technology and performance against Best Practices evaluation criteria," said Shirley Lukens, principal, Reagan Consulting. "Technology is definitely a performance enabler. In recent years, we have found that the Best Practices Agencies are expanding their use of technology in areas such as multichannel customer engagement and data intelligence to build stronger, growth-oriented businesses."
Conducted for the IIABA by Reagan Consulting, the study was initiated in 1993 to improve agency performance and value by presenting meaningful benchmarks and business strategies based on industry best practices. For the 2014 study, approximately 1,200 independent agencies in the U.S. were nominated to participate and 220 qualified for Best Practices Status. The complete list of 2014 Best Practices Agencies will be published in the September 2014 issue of Independent Agent magazine.
"Best Practices Agency status is one of the highest honors in the industry, and we congratulate all of the 2014 agencies who have been recognized for outstanding revenue performance," said Reid French, chief executive officer, Applied Systems. "Advanced software technology enables insurance agencies and brokerages to be more successful as consumer demands continue to evolve the insurance market. We are pleased to lead the market in the deployment of agency management systems among Best Practices Agencies and serve as their trusted technology partner of choice."
About Applied Systems
Applied Systems is a leading provider of software that powers the business of insurance. Applied is recognized as a pioneer in agency and brokerage management systems and data exchange between agencies, brokers, carriers and their clients. Automating the insurance lifecycle for more than 140,000 insurance professionals, 12,000 agencies and brokerages, and 350 carriers worldwide, Applied enables millions of people around the world to safeguard and protect what matters most.
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Source: Applied Systems