The Applied & Google Partnership: Truths & Myths
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In today's episode of Agent's Influence, host Jason Cass interviews Reid French, CEO of Applied Systems. The two talk about the progression of insurance over the years and discuss the recent developments between Applied Systems and Google. Reid shares what he believes is in store for the insurance industry.
- Introduction of guest, Reid French, CEO of Applied Systems
- How insurance is moving forward quickly right now
- Applied Systems took on a growth investment from Google, Capital G
- Why this partnership is a huge benefit for the industry
- There is a lot of misinformation out there about this partnership
- Applied Systems purchased IVANS insurance 6 years ago
- Why there is a lot of fear around M&A and partnerships in the industry
- How Applied Systems used the M&A with IVANS to improve it and progress the industry
- API and where it is best housed--In-house or third-party housing?
- There will be more product offerings for independent agents over time
- It is key to keep in mind what profitability has done with the growth of technology
- Today, there is more spend on technology within agencies and the profitability has grown exponentially
- Conclusion: investment in technology led to an increase in profitability
- Applied Systems is creating important data platforms to measure day to day progression
- The future of insurance is the ability to rate, quote, and buy all within the agency management system.
- Leaders are Readers: Liam Olsen's Citizens of London
3 Key Points:
- The insurance agency has traditionally lagged behind other industries. However, recently insurance is moving forward quickly.
- Applied Systems is doing a lot of things to progress the industry. Historically, the acquisition of IVANS and today the partnership with Google G Capital.
- Technology is increasing the profitability in insurance.
- “There will be more product offerings for independent agents over time.” – Reid French
- “Epic is the best system on the market.” –Jason Cass
- “If you can increase your premium value on that system without increasing your resources, than it is worth it. All systems are not the same. Take a look at all the systems and find the one that is best for your agency” – Reid French
- “The argument is that Epic has made us much more efficient.” – Reid French