It’s the end of the road for Applied Epic in the UK broker management system market.
Applied Systems has today announced its plan to withdraw the product after a strategic business review. It noted that while Applied Epic is the market leader across North America, the UK broker management system market has ultimately proven more competitive with complex product requirements – and, as such, it has been challenging to align with insurers on agreements to distribute their products across the commercial lines segment.
In a statement issued to the Press moments ago, Applied Systems noted that ‘rather than continue to invest significant capital and opportunity cost in a loss-making business in the UK’ it would instead redirect that investment into other markets. “The UK insurance market has long craved new broker technology innovation, and we made a strategic decision as a global business bringing Applied Epic into the UK market – a decision that we hoped would offer the market more choice in insurance technology options,” said Tom Needs, chief executive officer of Applied Systems Europe.
“Applied is committed to doing the right thing, fulfilling our customer commitments and ensuring all our customers receive optimal business support throughout this process. We greatly appreciate the partnership so many of our customers and partners have provided us in creating opportunity for Applied Epic to make an impact on their business and are refocusing on the next chapter of our European business.”
It was noted that Applied TAM, Applied RiskHandler and Applied Rating Hub would continue to be supported in the UK, while the Republic of Ireland would also see further investment.
“Applied Systems invests heavily in innovation and market expansion where we believe we can create new value for independent insurance agencies and brokerages,” said Taylor Rhodes, chief executive officer of Applied Systems. “Our decision to bring Applied Epic into the UK market was based on our belief that the UK broking community desired new BMS alternatives, but we struggled to deliver a fully featured product in the face of competitors with incredibly strong positions in the market. As in any business, you take calculated risks, and some of them play out and return significant value and others do not. While this investment did not work out, recognising this fact now presents us with the opportunity to reallocate capital toward other investments that are supporting our winning position in our other markets.”
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