Applied Systems Acquires Evosure
Frequently Asked Questions
1. What are the details of today’s announcement?
Applied Systems recently acquired EvoSure, an Austin, Texas-based insurance technology firm that matches insurance agents and brokers with commercial insurance carriers based on risk appetite. EvoSure brings extensive domain knowledge, expertise with both agents and carriers, and complementary software. This acquisition will accelerate the development, integration, and delivery of market appetite products. The combined companies will provide insurance companies with the benefit of increased investment in technical innovation, expertise, and product enhancements that connect agents and brokers with carriers and underwriters to efficiently match commercial risk opportunities.
IVANS, the leading provider of data exchange technologies connecting insurance carriers and independent agencies, has steadily grown across all lines of business and today serves more than 250 carriers and 25,000 agencies in personal and commercial lines, managing approximately 10 million transactions for the industry every month. This acquisition brings together NxTech, an industry leader for carrier interface and data integration solutions, with IVANS, adding significant expertise to IVANS related to data integration and connectivity with insurance carriers.
2. Who is EvoSure? What is the nature of their business?
With more than 30 years of collective commercial insurance industry experience, EvoSure matches agent and broker opportunities with underwriter appetites. EvoSure’s products simplify the process of managing, marketing and communicating complex and changing commercial carrier risk appetites to drive growth and profitability for both parties.
The company was founded in 2012 and is headquartered in Austin, Texas. EvoSure represents hundreds of commercial insurance markets.
3. How will the two companies operate together?
EvoSure will integrate into and operate within IVANS Insurance Solutions business. Matt Foran (CEO and co-founder) will assume a leadership role in managing our market appetite products, and the rest of the EvoSure team will integrate and operate within IVANS in their existing functional areas.
4. Why did Applied acquire EvoSure?
Applied Systems is committed to automating connectivity and data exchange between insurance carriers and the independent agency channel. Assessing carrier risk appetite has been an inefficient manual process often hampered by information lags and outdated, inaccurate information that can diminish agents and carriers’ ability to efficiently conduct business. As the industry continues to change, we believe the ability to more efficiently match commercial risks will be an increasingly important advantage to independent agencies and carriers. The acquisition of EvoSure will accelerate the development, delivery and expansion of market appetite solutions, including IVANS Market Appetite, leveraging EvoSure’s extensive domain expertise.
5. How will this benefit EvoSure and Applied Systems customers?
The combination of IVANS and EvoSure 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 employees to continue to drive product innovation and deliver the highest level of service to our P&C customers and partners. The combined entity will provide a more robust, dynamic offering that integrates historical and carrier stated risk-related data that enables carriers to more effectively communicate their appetite and allows agents and brokers to more quickly search and match risk opportunities at the underwriter level.
6. How will this benefit the insurance industry?
Applied Systems is committed to automating connectivity and data exchange between insurance carriers and the independent agency channel. As the industry continues to change, insurance companies will benefit from the ability to more efficiently match commercial risk opportunities to establish and build more, higher value relationships across the industry.