Strategic acquisition to expand portfolio of commercial lines quoting and distribution technologies, driving greater connectivity between independent agencies, carriers, and insureds
Toronto, ON (Aug. 16, 2022) – Applied Systems is pleased to announce that it has acquired Tarmika, a leading commercial lines rating solution that streamlines small business insurance. This complementary acquisition will expand Applied’s commercial quoting and Ivans’ distribution connectivity solutions to create a more valuable and digital distribution experience at each stage of the insurance lifecycle.
“Applied has been on a journey to solve the commercial lines distribution challenge with a mission to create a fully-digital roundtrip of insurance for agents and carriers – from search and classification to carrier appetite, and then on to quote to bind,” said Taylor Rhodes, chief executive officer, Applied Systems. “Our investment in Tarmika is the next step in creating a more connected, collaborative, and efficient distribution channel that brings agencies, carriers and partners closer together to create mutual value and move our industry forward.”
Applied will invest behind Tarmika’s industry-leading, real-time commercial lines quoting technology to bring the value of its simple, modern workflows and robust product panel as a standalone application. Tarmika will be integrated with Applied Epic and EZLynx, and overtime, users can expect embedded commercial lines quoting capabilities powered by Tarmika natively in the management systems. Additionally, Tarmika’s panel of commercial lines products will be integrated into Ivans Distribution Platform (IDP), the industry’s platform to streamline the submission process through standardized digital connections to agency-facing systems. The combination will make IDP the most robust commercial distribution platform available, creating more value by expanding opportunities for digital distribution for carriers, agencies and Ivans’ growing list of technology partners.
“Tarmika was created to solve the major inefficiencies agencies experienced in their daily lives trying to grow their commercial book of business,” said Raghav Tanna, CEO & Founder, Tarmika. “This acquisition will help us further our innovative mission to bring the same efficiencies of personal lines quoting to commercial lines operations, and we are excited to continue this journey with Applied!”
Hellman & Friedman, a preeminent global private equity firm with a distinctive focus on investing in high-quality growth businesses with a long-term approach, has been Applied’s majority shareholder since 2014, alongside minority shareholders Stone Point Capital, JMI Equity, and CapitalG.
TigerRisk Capital Markets & Advisory acted as exclusive financial advisor to Tarmika in support of this acquisition.
For more information on this acquisition, please click here.
Tarmika is a single-entry efficiency solution designed to streamline the commercial lines quoting process for independent agents. Founded in 2018, Tarmika was created by former insurance agents and carrier representatives to build technology, including agency-based commercial lines comparative rater ‘Bridge’ and embedded insurance solution ‘Tunnel,’ that enable carriers and agents to expand distribution channels, gain new business, and provide an enhanced customer experience.
About Applied Systems
Applied Systems is a leading global provider of cloud-based software that powers the business of insurance. Recognized as a pioneer in insurance automation and the innovation leader, Applied is one of the world’s largest provider of agency and brokerage management systems, serving customers throughout the United States, Canada, the Republic of Ireland, and the United Kingdom. By automating the insurance lifecycle, Applied’s people and products enable millions of people around the world to safeguard and protect what matters most. For more information, please visit appliedsystems.com.
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SOURCE: Applied SystemsTags: Acquisition, Applied Systems, small business