Applied Systems just acquired a company called Tarmika, the leading commercial lines rating solution that streamlines small business insurance. This was a significant acquisition for Applied because as we look to grow our business, winning in the commercial lines market is a critical pillar to our success. This acquisition accelerates our ability to provide integrated small commercial quoting from inside Applied products.
So, with that in mind, we sat down with Raghav Tanna, founder of Tarmika and now Applied’s SVP of small commercial lines, to learn more about him and Tarmika, and to get his personal perspective on the acquisition.
Continue reading for a history of the company, Raghav’s vision for the future of commercial lines at Applied, and his perspective on what makes Applied and Tarmika such a terrific partnership.
Raghav’s Background and Tarmika’s Creation
Raghav has a family history of working in the insurance industry. His father owned an independent insurance agency for more than 20 years.
“It's such a cool background to have, and I think so many people have it. But owning an insurance agency, working in an agency, it's a good career. It's a great career,” Raghav said.
In fact, the idea for Tarmika came while he was working at his dad’s insurance agency. He was learning everything he could about commercial insurance and as he was trying to land policies for a big account with a large commission, he stumbled upon a major pain point for CSRs. He went to every carrier his agency had and quoted them all online. After spending five hours doing this, he got premiums back from them all and the underwriter from every one of those companies declined it. It was out of that frustration that the idea for Tarmika came.
"That was the day where I told my dad [commercial lines quoting] has legs. If I am annoyed by one account, think about all the CSRs who do this for a living. And that's why we built it," Raghav said.
With the help of his colleagues, Tarmika became a reality.
Tarmika is the leading commercial lines quoting solution known for its simple user experience and robust carrier product panel. It supports more than 20,000 business classes, allowing agents to quote multiple lines of business to multiple carriers using Tarmika’s single entry. It’s the perfect addition to the Applied family.
Why Applied Was the Right Fit
Raghav had no shortage of options when it came to companies that were interested in acquiring Tamika. So why Applied? It all came down to company culture.
"I think culture is a huge part of this. I talked to a lot of companies about a lot of different things. It came down to the relationships we had and the people that we talked to. It was a pretty easy decision, to be honest,” Raghav said.
Along with the stellar company culture Applied brings to the table, it also is one of the insurance industry’s largest providers of insurtech solutions for independent insurance agents.
“The reason that this marriage made sense was, we can now approach agencies with a holistic view of everything that they're looking for. We can approach carriers with the holistic view of everything they're looking for, and there's really no gaps anymore in what we're providing,” Raghav said.
Better Together: Applied and Tarmika Innovate Commercial Quoting
We have some exciting plans for innovating commercial lines quoting through the partnership of Applied and Tarmika on the horizon! Together we are going to change the industry and do things that have never been done before.
"[The addition of Tarmika] allows for a fully integrated product for agencies. And I think that's something that hasn't happened before," Raghav said.
Tarmika is set to be fully integrated with Applied Epic® and EZLynx®, and over time, users can expect embedded commercial lines quoting capabilities powered by Tarmika right inside the agency’s management system. Plus, Tarmika’s panel of commercial lines products will be integrated into Ivans Distribution Platform™, the industry’s platform to streamline the submission process through standardized digital connections to agency-facing systems.
“We're very excited about everything that's to come. There's still a lot of work to do. But we're in a great spot. I think everyone has the same vision. We're trying to strive towards the same goal,” Raghav said.