In a statement, Applied Systems has announced unprecedented growth and market expansion in the last 12 months, driven by increased adoption of its broker management system and eTrading platforms. The company reported a 20% rise in the number of brokers using its Applied Epic broker management system and a 48% surge in gross written premiums traded on its commercial lines eTrading platform.
Applied Systems attributed this growth to its strategic focus on providing innovative, flexible solutions tailored to meet the evolving needs of brokers. The company’s Applied Epic platform, a cloud-based broker management system, has seen widespread adoption over the last 12 months.
In the personal lines sector, Applied Systems sustained its strong market presence in the UK by utilizing advanced application programming interfaces (APIs). According to Applied Systems, these APIs allow brokers seamless access to a broad panel via the company’s Rating Hub, streamlining the digital personal lines process and reducing manual trading with insurers and managing general agents (MGAs).
The company further noted that its expansion into the MGA sector highlighted its growth strategy. Applied Riskhandler, a purpose-built solution for MGAs and product providers, has enabled rapid insurance product innovation through a low-code platform. This application supports, including full-cycle rating, bind, referral, full-cycle policy management and document generation for personal lines, commercial lines, and niche product distribution services.
“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,” said Tom Needs, chief executive officer of Applied Systems Europe. “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.”
Applied Systems provides cloud-based software for the insurance industry, specializing in agency and brokerage management systems. The company serves customers in the US, Canada, the Republic of Ireland, and the UK.
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