TECHCHALLENGE

tool," the latter was far and away the biggest challenge, according to the report. For agencies with less than $500,000 in revenue, half of the 167 respondents in that category said it was the biggest challenge.

But as an agency's revenue increases, so do challenges for getting the most out of the tool, rising from 62% of agencies that generate $500,000 to $1 million, up to 76% of agencies that generate between $3 million and $5 million. Meanwhile, “finding the right tool" was a challenge that is most heavily experienced in the lower revenue categories.

“There is a challenge in finding the tool, but a lot of agencies have already chosen the tools that they're using and maybe they've chosen multiple tools that overlap," explains Steve Anderson, CEO and co-founder of Catalyit. “There's more of a focus now on not just what tech is out there, but making sure they're maximizing what they already have that's what we call maximizing their tech stack."

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Meanwhile, an agency management system (AMS) is vital for managing daily agency operations. From tracking client interactions and policy administration to tracking marketing and sales activity, an AMS offers a unified platform that impacts all aspects of an agency.

Applied Epic is the most popular system, according to the report, which illustrates Applied and Vertafore's dominance in this area of the market. It does also note that HawkSoft is a cost-effective option for smaller agencies.

Further, compared to the results of last year's report, HawkSoft saw significant growth among agencies with revenue under $500,000 and Applied Epic experienced a 22% increase among those with $3 million to $5 million in revenue. The report explores nearly every aspect of independent insurance agency tech. From accounting and agency compliance to chatbots, password managers and website development. Also, as new technology tools such as generative artificial intelligence continue to develop, many of