As one of the first executives in an insurtech startup that was recently acquired by a leading software company, and a former chief data officer for AIG, I have had the opportunity to reflect on the AI lessons we have learned over the past six years from a holistic perspective. AI has transformed the insurance landscape, and our startup journey was marked by significant milestones that required us to frequently reshape our approach to building our company and delivering actual, sustainable AI solutions to carriers.
Elad Tsur, the chief AI officer of Applied Systems, joined Applied in July 2024 with the acquisition of Planck, a company that Tsur helped co-found in 2016. Planck is an AI-based data platform for commercial underwriting. “We started Planck with the belief that access to real-time data to get a full picture of a business is more crucial than ever when identifying the actual risk factors that are core to insurance,” Tsur said in statement in July.
Applied Systems today announced that the company and two of its subsidiaries, Ivans and EZLynx, have been named to PropertyCasualty360’s Insurance Luminaries Class of 2024 in the categories of Technology Innovation and Innovation in Workplace Culture. The Technology Innovation category recognizes those advancing the insurance industry through digitalization and customer experience improvements. The Innovation in Workplace Culture category honors those enhancing the industry's reputation as a career choice and promoting employee satisfaction through diversity, wellness, ESG initiatives, and community service.
Artificial intelligence (AI) is rapidly transforming the insurance industry by streamlining complex processes, reducing operational inefficiencies, and enhancing customer service. Applied Systems, through its AI Lab, has been at the forefront of these innovations, using AI to come up with innovative tools to improve workflows such as email summarisation, document extraction, and transaction handling.
Applied Systems has announced Applied Book Builder™, a new solution embedded in Applied Epic® that helps insurance producers and account managers target new commercial prospects and optimize cross-sell and upsell opportunities. Launching in the first half of 2025, the tool will use AI to enhance risk profiles and identify coverage gaps, providing actionable insights for better market placement. Key features include automated risk enrichment, AI-driven account recommendations, lead list automation, and carrier placement insights, aimed at accelerating business growth and profitability for agencies.
Applied Systems® today announced the latest enhancements of Applied Pay®, the industry’s only AMS-native payments solution, that continue automating the end-to-end payments journey. New innovations, including premium payment receipt reconciliation, one-click payment routing, and the insured checkout experience, further automate workflows for collecting and reconciling digital payments, enabling an agency to reduce time and effort by up to 70%. Continued streamlining of the premium payment lifecycle has led to more than 900 agencies adopting the platform since its launch in October 2022.
Applied Systems® today announced that the company was recognized as a Global 5-Star Insurance Technology Provider 2024 by Insurance Business. Applied received the award for its continued commitment to alleviating long-standing industry challenges through innovation and fully connecting the Digital Roundtrip of Insurance, delivering a seamless end-to-end experience for all stakeholders.
Sonata Software (Bangalore), a modernization engineering company, has announced that Applied Systems (Chicago) has selected Sonata Software to support its strategic technology projects. The partnership aims to accelerate Applied’s platform engineering initiatives and enterprise modernization efforts on Applied’s integrations with Microsoft Office365, supporting the company’s industry leading position and focus on innovation, according to a Sonata statement.
Applied Systems®, a leading provider of cloud-based software that powers the business of insurance, has announced the general release of an all-new data analytics capability. This innovative new feature, known as Epic Dashboards, is embedded within Applied Epic®, specifically for users in the U.S. and Canadian markets.
Sonata Software, a leading Modernization Engineering company, has announced that Applied Systems(Applied), a premier cloudbased software provider in the insurance sector, has selected Sonata Software to support its strategic technology projects. This partnership aims to accelerate Applied’s platform engineering initiatives and enterprise modernization efforts on Applied’s integrations with Microsoft Office365, supporting their industry leading position and focus on innovation.
