Acquisition to drive greater connectivity and automation for Commercial Lines brokerages and insurers in the Canadian marketplace
Mississauga, ON (Oct. 15, 2019) – Applied Systems today announced the acquisition of Policy Works, the leading platform for commercial lines business in Canada. This acquisition expands Applied’s commercial lines solutions and demonstrates the company’s commitment to advancing connectivity between brokerages, insurers, and the insured to create greater value for all stakeholders of the insurance lifecycle.
“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,” said Taylor Rhodes, chief executive officer, Applied Systems. “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 provides point-of-sale solutions that allow brokers to instantly create legally binding commercial lines policies. Policy Works’ P&C Issuance module for Lloyds coverholders provides the capability to issue Lloyd’s policies instantly, utilizing a full library of proprietary P&C wordings, and producing declaration sheets that adhere to Lloyd’s branding requirements for subscribed and non-subscribed policies. Applied is committed to further integrating Applied Epic, Applied TAM, and Applied Rating Services with Policy Works.
“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,” said Kevin Campbell, chief executive officer, Policy Works. “This acquisition provides our customers with access to new innovation, resources and scale to become digital brokerages and further accelerate growth of their businesses.”
For more information on this acquisition, please refer to the Frequently Asked Questions below (source).
Policy Works Acquisition FAQs
Q: What are the details of today’s announcement?
A: Applied Systems has completed the strategic acquisition of Policy Works. This transaction brings together Applied Systems, the leading global provider of agency and broker management systems, with Policy Works, the leading platform for commercial lines business in Canada. As Canada’s leading provider of broker management systems, rating services and connectivity solutions between brokers, carriers and their clients, the Policy Works acquisition will extend Applied’s position within the Commercial Lines market segment. Through tighter integration with Policy Works the company believes it can expand its value proposition and drive significant value for its customers in the Canadian marketplace.
Q: Who is Policy Works?
A: Policy Works is the leading platform for commercial lines business in Canada. The company provides a platform to enable commercial line brokers in streamlining commercial lines workflows, policy document production, connectivity, standardizing data and improving accuracy of commercial lines policies.
Policy Works solutions enable brokerages to standardize their commercial workflows in both the marketing and in-force policy lifecycles. For brokerages and managing general agents (MGAs) who have issuance authority, Policy Works provides point-of-sale solutions that allow brokers to instantly create legally binding commercial lines policies. Policy Works’ P&C Issuance module for Lloyds coverholders provides the capability to issue Lloyd’s policies instantly, utilizing a full library of proprietary P&C wordings, and producing declaration sheets that adhere to Lloyd’s branding requirements for subscribed and non-subscribed policies.
Q: Why did Applied acquire Policy Works?
A: Commercial lines represents a growing insurance segment where the proposition of a broker is increasingly important; insureds expect more risk management services and advice in the complex digital age of insurance. By bringing together Applied, the world’s most widely used broker management systems, with Policy Works, the leading platform for commercial lines business in Canada, Applied will better enable brokers to deliver on the broker proposition. Applied combined with Policy Works will build out commercial lines capabilities to enable comparative quoting and connectivity solutions for the benefit of brokerages, insurers, and the insured.
Q: How will this benefit Policy Works and Applied Systems customers?
A: We believe the combination of Applied Systems and Policy Works will provide meaningful benefits to both companies’ customers, partners and other stakeholders in the industry. Applied Systems is committed to investing behind the combined management teams and employee bases to drive continued product innovation and deliver the highest level of impact to our customers and partners. Our Canadian customers will benefit from tighter integration of Applied Rating Services and Applied Epic and Applied TAM.
Policy Works customers and partners will experience no immediate impact to their primary services, support and sales contacts. Over the longer term, customers and partners will benefit from the investment plans, greater support, technical services and financial resources of Applied Systems.
Q: How will this benefit the insurance industry?
A: Applied Systems is committed to making further investments to the market, with a primary focus on delivering additional expertise, resources and technology innovation to scale growth and drive a connected insurance experience among agents, brokers , insurers, and the insured. Applied Systems will continue to provide choice for brokerages Commercial Lines connectivity and automation needs to create greater efficiencies and value.
For more information, please visit appliedsystems.com.
About Applied Systems
Applied Systems is the leading global provider of cloud-based software that powers the business of insurance. Recognized as a pioneer in insurance automation and data exchange between brokerages, insurers and their clients, Applied is the world’s largest provider of agency and brokerage management systems, serving customers throughout the United States, Canada, Ireland and the United Kingdom. By automating the insurance lifecycle, Applied enables millions of people around the world to safeguard and protect what matters most. For more information, please visit appliedsystems.com.
About Policy Works Inc.
Policy Works is the industry’s leading platform for commercial lines business. Building on its vision for linking brokers and insurers to better serve insureds, the company provides a platform where all stakeholders can come together to leverage each other’s strengths. Policy Works believes in the value of the broker distribution channel and is working to ensure it stays vibrant in a changing marketplace.
SOURCE: Applied SystemsTags: Acquisition, Applied Systems, Policy Works