Frequently Asked Questions
1. What are the details of today’s announcement?
Applied Systems acquired Relay Software, the leading provider of insurance software to insurers and brokers in the Republic of Ireland. This transaction brings together Applied Systems, the leading global provider of cloud-based broker management software, with Relay, the leading provider of broker management systems in Ireland. The acquisition supports Applied’s commitment to international growth and further extends the company’s product vision to deliver a connected experience between insurance brokers, insurers, and the insured.
2. Who is Relay? What is the nature of its business?
Established in 1985, Relay is the leading provider of insurance software to insurers and brokers in Ireland. Relay products are the market standard in Ireland, and the company serves more than 400 customers with over 3,000 insurance professional users in the Irish market. Relay offers an integrated suite of products including back-office software and eTrading platform for motor, home, commercial vehicle, life/investment, and commercial lines panels. Relay has the largest panel of insurer connectivity available in the market and processes the vast majority of all broker-led personal lines insurance policies in Ireland. This represents the widest product offering in the Irish market and enables brokers to provide the most extensive choice of products and the highest level of service to their client base.
The company employs approximately 100 insurance software professionals and is headquartered in Belfast, Northern Ireland, with additional offices in Dublin and Galway, Ireland. Relay has recently achieved the Investors in People accreditation and award, recognizing Relay’s commitment to its people.
3. How will the two companies operate together?
The Relay team has significant experience and brings extensive relationships and deep domain expertise of the Irish market to Applied Systems. The team has a shared history with Applied Systems UK team with the initial development of the original eTrading platform deployed in the UK market. The combined companies will support Applied’s growth mission in the UK and Ireland and vision to drive a connected insurance experience among brokers, insurers, and the insured.
4. Why did Applied acquire Relay?
This transaction brings together Applied Systems, the leading global provider of cloud-based broker management software, with Relay, the leading provider of broker management systems in Ireland. Applied has an existing presence in Europe through its Applied Systems UK operations, and the acquisition of Relay will support Applied’s international growth strategy. The combined companies’ investment will provide complementary software offerings to the broker and insurer marketplace who will benefit from greater technical resources, deeper domain expertise and a broader product portfolio to support digital transformation and accelerated growth.
5. How will this benefit Relay and Applied Systems customers?
The combination of Applied Systems and Relay will provide meaningful benefits to both companies’ customers, partners and other stakeholders across the industry. Applied is committed to delivering the highest level of service and support to its combined customers and partners. Relay’s broker customers benefit from greater technical resources, deeper domain expertise and a broader product portfolio, including access to Applied’s extended solutions, including customer self-service and mobile applications, Applied Cloud Services, and additional insurer products through a more extensive panel. Applied’s broker customers will benefit from additional innovation that will come from the combined footprint and expertise of the two organizations. Insurers will benefit from the expanded distribution of product and rates across the combined broker base.
How will this benefit the insurance industry?
Applied Systems is committed to making further investments in the Irish and broader UK markets, with a primary focus on delivering additional expertise, resources and technology innovation to scale growth and drive a connected insurance experience among brokers, insurers, and the insured. Applied Systems will continue to expand insurer connectivity solutions to automate information exchange across the independent broker channel to enhance competitive value. Finally, Applied Systems also plans to introduce its broader Applied product portfolio used in the U.S., Canada, and the UK markets into the Irish market to further automate the insurance lifecycle.