Google CapitalG backed Applied Systems acquires Policy Works

Google CapitalG backed Applied Systems acquires Policy Works

Applied Systems, a portfolio company of Google’s CapitalG, has acquired Policy Works, a leading platform for commercial lines business in Canada.

Calgary based Policy Works provides point-of-sale solutions that allow brokers to instantly create legally binding commercial lines policies. Policy Works’ P&C Issuance module for Lloyds cover holders provides the capability to issue Lloyd’s policies instantly, utilizing a full library of proprietary P&C wordings, and producing declaration sheets that adhere to Lloyd’s branding requirements for subscribed and non-subscribed policies.

Co-founded by Don and Kevin Campbell in 1991, Policy Works has been led by Kevin and President John Eastly.

University Park, Illinois based Applied Systems is the leading global provider of cloud-based software that powers the business of insurance.

Applied Systems said Policy Works’ acquisition expands Applied’s commercial lines solutions.

In October 2018, Google, through its growth investment fund, CapitalG, made a sizable minority investment in Applied.

News Release

Applied Systems Acquires Policy Works

University Park, Ill. – Oct. 15, 2019 – Applied Systems today announced the acquisition of Policy Works, the leading platform for commercial lines business in Canada. This acquisition expands Applied’s commercial lines solutions and demonstrates the company’s commitment to advancing connectivity between brokerages, insurers, and the insured to create greater value for all stakeholders of the insurance lifecycle.

“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,” said Taylor Rhodes, chief executive officer, Applied Systems. “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.”

Policy Works provides point-of-sale solutions that allow brokers to instantly create legally binding commercial lines policies. Policy Works’ P&C Issuance module for Lloyds cover holders provides the capability to issue Lloyd’s policies instantly, utilizing a full library of proprietary P&C wordings, and producing declaration sheets that adhere to Lloyd’s branding requirements for subscribed and non-subscribed policies. Applied is committed to further integrating Applied Epic, Applied TAM, and Applied Rating Services with Policy Works.

“In the digital age of insurance, brokerages require an integrated technology strategy to increase connectivity between insurers and insureds while automating workflows for greater efficiencies,” said Kevin Campbell, chief executive officer, Policy Works. “This acquisition provides our customers with access to new innovation, resources, and scale to become digital brokerages and further accelerate the growth of their businesses.”

For more information on this acquisition, please click here.

Source: Private Capital Journal

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