Acquisition to create more value and digital distribution in commercial lines and niche markets
Belfast, UK, Dec. 06, 2022 (GLOBE NEWSWIRE) -- Applied Europe today announced that it has acquired Riskhandler, a leading insurance solution for commercial lines and niche product distribution. This complementary acquisition will expand Applied's commercial lines distribution capabilities and bring new innovation to further connect each stage of the insurance lifecycle, benefitting insurers, MGAs, brokers, and insurance customers across the Republic of Ireland and the United Kingdom.
"Applied has long been a technology leader in the Republic of Ireland, connecting much of the personal lines distribution market and bringing new self-service capabilities to the market that make for a more connected customer experience," said Tom Needs, Chief Executive Officer, Applied Europe. "Our investment in Riskhandler will help bring more commercial lines innovation across our portfolio of products that will enable more brokers, MGAs and insurers to bring new products to market at scale and speed."
Riskhandler is a highly scalable SaaS platform for the MGA market that enables rapid insurance product innovation and underwriting controls for full cycle rate, quote, and bind. The solution is currently integrated to both Applied's Home and CV applications for new business and accept with brokers completing MTA and renewal transaction directly within the Riskhandler applications. Applied's product vision is to deliver innovative insurance solutions that enable a connected experience across insurers, MGAs, brokers and their customers, and will continue to invest in the Riskhandler application to streamline the niche product lifecycle as both a standalone product and a more tightly integrated solution with Applied's broader suite of solutions.
"Riskhandler was designed to create a marketplace for brokers, MGAs and insurers alike to quickly build, access, quote and bind commercial and niche products," said Ivan Mullan, Director, Riskhandler. "It's been an exciting journey, and the market need for easier and quicker ways to grow premium through new lines of business is at an all-time high. Working with Applied now we can support more customers to provide a single system to manage personal and commercial lines distribution - a very exciting development for our market."
Hellman & Friedman, a preeminent global private equity firm with a distinctive focus on investing in high-quality growth businesses with a long-term approach, has been Applied's majority shareholder since 2014, alongside minority shareholders Stone Point Capital, JMI Equity, and CapitalG.
For more information on this acquisition, please click here.
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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.
About Riskhandler
Riskhandler is a leading insurance software solution provider for personal lines, commercial lines and niche product distribution, enabling a rich and efficient digital distribution experience at each stage of the insurance lifecycle, benefitting insurers, MGAs, brokers, and insurance customers. The highly scalable platform enables rapid insurance product innovation and powerful underwriting controls for full-cycle rate, quote, and bind.
