Applied Systems Announces Record Growth and Market Expansion
13 May 2024
Company drives broker management system adoption and eTrading momentum, plus expands product portfolio
13th May 2024 – Applied Systems® announced record commercial lines eTrading growth in the 12 months to March 2024, supported by accelerated take-up of its Applied Epic broker management platform and expansion into new markets. Over the last year the number of brokers using Applied’s cloud-based Epic broker management system increased by just over 20%, whilst there was a 48% hike in gross written premiums traded on its integrated commercial lines eTrading platform. The growth trajectory reflects Applied’s strategic commitment to deliver innovative, out-of-the-box solutions built on flexible architecture that meet brokers’ ever evolving needs.
Applied Systems also maintained its strong personal lines presence in the UK supported by the leveraging of its advanced APIs that allow brokers to access its extensive panel via its Rating Hub. The rating service provides brokers with an end-to-end digital personal lines process, reducing the need to manually trade business with insurers and MGAs.
In addition to its continued commercial and personal lines growth, Applied also expanded into the MGA sector through Applied Riskhandler, a purpose-built solution for MGAs and product providers. The low code platform enables MGAs to build and maintain products without the need for tech provider intervention. The distribution application facilitates rapid insurance product innovation and includes underwriting controls for full-cycle rating, bind, referral, document generation and full-cycle policy management in personal lines, commercial lines, and niche product distribution services.
Tom Needs, Chief Executive Officer, Applied Systems Europe, commented: “Today’s brokers are facing new business challenges and a market where growth opportunities are in new segments of the business that require different ways of trading and doing business. We are focused on providing our broker customers with the simple, modern experiences they demand and the response by the market and our customers continues to show the thirst in the UK broker market for new innovation.”
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About Applied Systems
Applied Systems is the leading global provider of cloud-based software that powers the business of insurance. Recognised as a pioneer in insurance automation and the innovation leader, Applied is the world’s largest provider of agency and brokerage management systems, serving customers throughout the United States, Canada, the Republic of Ireland, and the United Kingdom. By automating the insurance lifecycle, Applied’s people and products enable millions of people around the world to safeguard and protect what matters most.