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What is Insurtech? 3 Ways Appulate Defines & Leads Insurance Technology

What is insurtech besides an essential component of insurance professionals’ workflow and success? Insurtech is defined as the use of technology innovations designed to find cost savings and efficiency. A realistic example of insurtech is Appulate. Appulate delivers insurance technology solutions that empower networked insurance agents, MGAs, Wholesalers, and Carriers to do business more effectively through automation. In this article, we will uncover more about what insurtech means for specific insurance professionals. We will also share some essential insurtech solutions provided by Appulate to save time on insurance submissions, loss runs requests, insurance distribution, and other common tasks within the industry. Let’s begin by discussing what insurtech is for agents.

1.      Enhanced insurance submission processing & digital loss run requests for agents.

80% of agents prefer to use Appulate’s insurtech solutions for insurance submission processing simply because of the time-saving benefits of automation. Appulate uses AMS integration tools that allow agents to do business digitally from any agency management system. Through insurance technology solutions, agents can leverage the benefits of multiple submission types, digitally process loss run request letters, and access fillable ACORD forms like the ACORD 125 126, ACORD 194, ACORD 127, and many commonly used supplemental forms.

In addition to the ability to digitally process ACORD and Supplemental forms, insurance technology provided by Appulate enables agents to rate, quote, and bind within seconds. For agents, insurance technology also makes it easier to digitally connect with nationwide carriers and markets to explore various products from a single platform – ultimately increasing productivity while saving valuable time. In order to keep up with current industry standards, agents have adopted insurance technology innovations at a more rapid pace than ever before. Over the past 15+ years, Appulate has consistently proven that taking advantage of insurtech solutions can save an average of 40-minutes per submission which is a major benefit for agents focused on working smart and thriving. Now, let’s explore what insurtech is to MGAs, Wholesalers, and Carriers.

2.      Custom insurtech solutions specifically for MGAs, Wholesalers, and Carriers.

MGAs, wholesalers, and carriers all have similar but individual needs regarding the insurance agency technology that they use for their daily workflow. Thanks to insurtech, all these insurance professionals can access the resources needed to meet industry standards while increasing margins, productivity, and insurance distribution. Insurtech solutions like those available with Appulate give these industry professionals access to an insurance distribution platform that houses a network of nearly 300,000 agents actively seeking their products, as well as digital resources to increase ROI.

Insurtech for MGAs, wholesalers, and carriers also means automating backend tasks and overcoming technology restraints with ease through AMS integration. Best of all, companies like Appulate have developed products specifically for these insurance professionals to excel in their respective areas. MGAs can find comfort in insurance technology through coveted products like MGAConnect, wholesalers can lean on WholesalerConnect, and carriers in Appulate’s network enjoy the ROI benefits of CarrierConnect. Last but now least, we will explore how insurance technology ties all insurance professionals together for an insurtech ecosystem that facilitates increased success.

3.      An insurtech ecosystem and fully automated workflow complete with IPFS Financing.

The value of insurtech ecosystems increased during the pandemic due to the convenience of having digital tools, resources, and an extensive network available from a single platform. Appulate’s insurtech ecosystem houses the largest network of independent agents and offers time-saving and efficiency-increasing automation tools to enhance workflow, all complete with IPFS financing.

Insurtech ecosystems have now come to be the industry standard. Insurance agency technology paired with the AMS integration tools from companies like Appulate now enable agents, MGAs, wholesalers, and carriers to more easily interact and do business in addition to benefits such as:

·      The ability to provide premium financing followed by automated rate, quote, and binding within seconds.

·      Access to nationwide carriers, MGAs, wholesalers, and nearly 300,000 agents from a single location.

·      The ability to process and manage digital loss runs requests to save a ton of time.

·      Access to fillable ACORD forms, thousands of supplemental forms, and the technology to submit to multiple carriers from Appulate’s automated platform.

·      Margin enhancing distribution with the leaders in digital distribution for commercial P&C.

As insurance technology evolves, Appulate will continue to redefine insurtech by being the ear and voice of the insurance industry and delivering the products that professionals need to thrive.