Ivans’ parent company Applied Systems has acquired commercial lines rating solution for small business insurance Tarmika.
Ivans said its platform allows insurance carriers, agents and MGAs come together to grow their businesses. Its technology, Ivans said, empowers these insurance professionals to better determine appetite and eligibility, swiftly produce quotes, get accurate claims and commission updates, automatically communicate policy data, and connect to one another to drive new business.
Founded in 2018, Tarmika is a single-entry efficiency solution designed to streamline the commercial lines quoting process for independent agents.
This acquisition, according to Ivans, will add Tarmika’s product panel to Ivans Distribution Platform (IDP). The company added that this will make the platform the industry’s largest commercial lines distribution network, creating more value by expanding opportunities for digital distribution for carriers, agencies and Ivans’ growing list of technology partners.
In addition, Tarmika’s panel of commercial lines products will be integrated into IDP, minimiding friction and expanding connections between agencies and carriers to streamline the commercial lines quote and bind process.
Reid Holzworth, chief executive officer at Ivans, said, “A big problem in our industry has been the lack of connectivity between agents and carriers, costing carriers time and expense to connect to multiple distribution channels and limiting new business opportunities.
“This acquisition will bring together Tarmika’s robust panel of commercial lines products with Ivans’ innovative distribution technology, building the industry’s largest commercial lines distribution platform for the benefit of agencies, carriers, and technology partners alike.”
Earlier this year, Ivans expanded its partnership with Duck Creek Technologies, to integrate and onboard its carrier customers to the Ivan Distribution Platform.
Duck Creek said the partnership will enable mutual customers of both its own platform and Ivans’ to easily implement the platform and quickly provide digital commercial quoting experiences to their agencies.
Copyright © 2022 FinTech Global