The acquisition of Policy Works will help Applied Systems expand its position within the commercial lines market segment in Canada
Applied Systems, a provider of software services for the insurance industry, has acquired Policy Works, a platform developer for commercial lines business in Canada.
The deal will expand the position of Applied Systems within the commercial lines market segment and shows its commitment in advancing connectivity between brokerages, insurers, and the insured to create greater value for all stakeholder of the insurance lifecycle.
With a tighter integration with Policy Works, Applied Systems aims to expand its value proposition and drive significant value for its customers in the Canadian marketplace.
As a platform for commercial lines business, Policy Works enables brokers to streamline workflows, policy document production, connectivity, standardizing data and improving the accuracy of commercial lines policies.
Its solutions offer brokerages in standardising their commercial workflows in both marketing and in-force policy lifecycles.
The company provides point-of-sale solutions to brokerages and managing general agents (MGAs) who have issuance authority. The solutions allow brokers to instantly create legally binding commercial lines policies.
Its P&C Issuance module for Lloyds coverholders provides the capability to issue Lloyd’s policies instantly, using a full library of proprietary P&C wordings and producing declaration sheets adhering to Lloyd’s branding requirements for subscribed and non-subscribed policies.
Applied Systems aims to integrate its Epic, TAM, and Rating Services with Policy Works
The company also stated that it is committed to further integrating its Applied Epic, Applied TAM, and Applied Rating Services with Policy Works.
Applied Systems CEO Taylor Rhodes said: “In today’s competitive and complex business environment, commercial insurance customers expect more risk management services and advice, in a growing insurance segment where the proposition of a broker is increasingly important.
“As Canada’s leading provider of broker management systems, rating services and connectivity solutions between brokers, insurers and their clients, Applied’s acquisition of Policy Works will enable tighter integration between the combined company’s solutions to drive significant value for our customers.”
Policy Works CEO Kevin Campbell said: “In the digital age of insurance, brokerages require an integrated technology strategy to increase connectivity between insurers and insureds while automating workflows for greater efficiencies.
“This acquisition provides our customers with access to new innovation, resources and scale to become digital brokerages and further accelerate growth of their businesses.”