Cloud software developer Applied Systems has acquired Policy Works, a commercial lines business in Canada.
The acquisition will expand Applied’s commercial lines solutions and furthers its goal of connecting insurers and brokerages.
Policy Works delivers point-of-sale solutions which empower brokers to instantly create legally binding commercial lines policies.
Applied Systems CEO Taylor Rhodes said, “In today’s competitive and complex business environment, commercial insurance customers expect more risk management services and advice, in a growing insurance segment where the proposition of a broker is increasingly important.
“As Canada’s leading provider of broker management systems, rating services and connectivity solutions between brokers, insurers and their clients, Applied’s acquisition of Policy Works will enable tighter integration between the combined company’s solutions to drive significant value for our customers.”
Applied Systems is a cloud-based software builder which gives insurance firms a variety of lifecycle automation tools and data exchange systems.
Earlier in the year, Applied Systems acquired the insurance CRM developer TechCanary. The InsurTech integrated its broker management system into Applied to give insurance teams a platform to manage their sales and marketing efforts.
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