Applied Epic Platform Merges P&C and Benefits
Applied Systems has upgraded its Epic management platform to allow for the administration of both property & casualty (P&C) and employee benefits in a single system. The convergence aims to create a more seamless workflow for agencies and brokers managing multiple lines of business.
- The new benefits experience in Applied Epic was purpose-built for benefits teams, moving beyond adapting P&C workflows to centralize plan management, automate renewals, and streamline client servicing. - A key feature of the upgrade is Epic AutoFill, an AI-powered tool that extracts and pre-populates plan information from Summary of Benefits and Coverage (SBC) documents, reducing manual data entry. - This AI functionality is powered by technology from Applied's recent acquisitions, including Cytora, a digital risk processing platform, and Planck, an AI-based data platform for commercial insurance. - Applied Systems' main competitor is Vertafore, which offers the AMS360 platform as an alternative for insurance agency management. - The global market for insurance agency software was valued at $3.4 billion in 2023 and is projected to reach $6.7 billion by 2032, growing at a CAGR of 7.8%. Agency Management Systems (AMS) like Epic represent the largest segment, with a 53.6% market share. - Historically, many insurers have struggled with legacy systems and information silos that prevent claims and underwriting platforms from communicating, leading to inefficiencies that integrated platforms aim to solve. - Applied Epic is the most widely used agency management system globally, and was introduced to the UK market in 2016 after its initial launch and expansion in the US and Canada. - The platform's open architecture is designed to support agency growth and integrations; it uses Google Cloud's BigQuery and Looker for its centralized data and business intelligence solutions, providing over 100 dashboards for different user personas.
