IVANS Introduces IVANS Market Appetite
Innovative solution quickly matches agent opportunities with carrier appetite to increase business conversion and premium growth
Applied Systems’ acquisition of EvoSure adds strong technological capabilities and expertise to accelerate further product offerings
Tampa, FL. – Oct. 19, 2015 – IVANS Insurance Solutions, a division of Applied Systems, today announced IVANS Market Appetite, an innovative search engine for property and casualty insurance agents and brokers to quickly identify carrier appetites for commercial lines risks to better serve insured clients. Launched today at IVANS Connect 2015, an insurance industry conference dedicated to advancing connectivity and data exchange across the insurance industry, IVANS Market Appetite will be available in the upcoming release of Applied Epic 2016 in Q4 2015.
IVANS Market Appetite allows agents to see a list of U.S. insurance carriers ranked by market appetite at the moment of opportunity. This new search engine improves productivity by reducing time spent on the traditional ways of identifying carrier appetite, including referencing carrier risk guides, accessing carrier websites, search engines, historical agent experience, or directly contacting underwriters on an individual basis. By providing a centralized and automated source for representing carrier appetite, carriers increase visibility among agency partners for stronger relationships and more opportunities to win targeted business. IVANS Market Appetite will be an open platform accessible to all agencies utilizing IVANS Exchange, an online tool for agencies to quickly view and manage carrier and MGA download connections, in the first half of 2016.
"Assessing carrier risk appetite has been an inefficient manual process often hampered by information lags and outdated, inaccurate information that can diminish agents’ and carriers’ ability to effectively conduct business," said Paul Warga, vice president of Product Management, IVANS Insurance Solutions. "IVANS Market Appetite overcomes this challenge and improves agent productivity by providing a streamlined search to assess carrier risk marketing at the moment of opportunity. Additionally, IVANS Market Appetite enables carriers to more effectively communicate their demand for certain commercial lines risks to increase submissions and drive premium growth."
To support this unique market appetite offering, 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 strong domain expertise, industry relationships and technical talent to Applied to further automate connectivity and risk-related data exchange between insurance carriers and the independent agency channel. The combined entity will provide insurance companies with the benefit of increased investment in technical innovation, expertise and product enhancements that drive efficiency in matching commercial risk opportunities. Read the frequently asked questions.
"For quite some time, our customers have expressed strong interest in better integration with the powerful data solutions Applied Systems has engineered," said Matt Foran, chief executive officer, EvoSure. "In joining IVANS, we will be able to expand our appetite solutions and deliver products that are unprecedented in the commercial insurance marketplace."
"Changing consumer demand and competition are requiring the insurance marketplace to be more connected and automated for effective customer servicing," said Reid French, chief executive officer, Applied Systems. “The acquisition of EvoSure and the introduction of IVANS Market Appetite furthers Applied’s commitment to automating connectivity and data exchange between insurance carriers and the independent agency channel for the benefit of the entire P&C insurance lifecycle."
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About IVANS Insurance
IVANS Insurance Solutions, a division of Applied Systems, is the property and casualty insurance industry's partner and trusted technology leader for advanced carrier-agency-MGA information exchange. IVANS makes insurance business easier with secure information exchange, data translation and managed connectivity solutions that deliver efficiency and better customer service capabilities to carriers, independent agencies and MGAs. More property and casualty insurance companies rely on the IVANS platform than any other company to create greater value from information exchanged in insurance business.
Austin, Texas-based EvoSure was founded in 2012 to provide a powerful way to improve interactions in the complex and ever-changing world of commercial insurance. Through its agent-facing and underwriter-centered platforms, the firm delivers on its mission to chip away at the 60 percent of unquoted submissions that clog the industry’s arteries. Known as “the Uber of insurance” and “Match.com for commercial insurance,” EvoSure’s team combines industry veterans from top global insurance companies--such as Marsh, Zurich and Allianz--with talent from the world’s best names in technology--including Google, Apple and Oracle.