Applied Systems has unveiled Applied Book Builder™, a revolutionary prospecting and renewals solution embedded in Applied Epic®. Set to launch in the first half of 2025, this tool is designed to empower insurance producers and account managers by targeting new commercial lines prospects and identifying cross-sell and upsell opportunities. Leveraging AI, Applied Book Builder enhances commercial risk profiles and provides intelligent account rounding recommendations, helping to create successful producers faster, accelerate business growth, and build a more profitable book of business with optimal coverage for customers.
1. Commercial Risk Enrichment
- Applied Book Builder can start with minimal information, such as a business name and address, to build or validate detailed risk profiles using data from thousands of sources, including industry websites, social networks, consumer reviews, public records, and government databases.
- This feature significantly reduces the time needed for researching customer risks and exposures, allowing producers to focus on selling the right coverage.
2. Account Rounding Recommendations
- During renewals, AI-generated insights will identify coverage gaps within existing accounts in Applied Epic®, quickly highlighting cross-sell and upsell opportunities. This capability aims to increase the average number of policies per client, driving revenue growth and improving customer satisfaction.
3. Lead List Automation
- Applied Book Builder automates the import and population of risk profiles for prospects from various sources, such as referrals, events, and marketing efforts. This feature eliminates the need for manual data entry into Applied Epic®, streamlining the prospecting process and expanding new business opportunities.
4. Market Placement Insights
- The solution provides carrier placement recommendations for identified opportunities, offering insights based on where similar risks have been successfully placed within the agency. This ensures optimal market selection for each client, enhancing the likelihood of successful coverage placements.
Industry Impact and Benefits
Applied Book Builder addresses the common challenges faced by commercial insurance producers and account teams, such as the time-intensive process of identifying high-potential cross-sell and upsell opportunities and determining the appropriate lines to sell based on unique customer risks. By utilizing AI to streamline prospect research, data capture, opportunity analysis, and market determination, this tool reduces reactive selling and uncovers new premium growth opportunities.
Anupam Gupta, Chief Product Officer at Applied Systems, emphasizes the innovative nature of Applied Book Builder: “Commercial insurance producers and account teams are traditionally challenged with the time it takes to identify high-potential cross-sell and upsell opportunities and evaluate the right lines to sell based on the customer’s unique risks and exposures, leading to reactive selling and missed revenue. Couple this blind spot at renewals with the time-consuming process for producers to identify new prospects, and there is an opportunity in our industry to better use data to create new premium growth.”
Applied Book Builder is poised to revolutionize the insurance industry by equipping producers and account representatives with the tools to efficiently manage prospecting and renewals. With its AI-driven insights and automated processes, it promises to save time, improve market placement decisions, and ultimately drive profitable growth.
