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.