Applied Systems acquires Policy Works
Applied Systems announced the acquisition of Policy Works , a platform for commercial lines business in Canada.
“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.” – Taylor Rhodes, chief executive officer, Applied Systems.
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. This acquisition provides our customers with access to new innovation, resources and scale to become digital brokerages and further accelerate growth of their businesses.” – Kevin Campbell, chief executive officer, Policy Works.