Applied Systems’ Acquisition Of Tarmika To Drive Connectivity
Applied Systems’ Acquisition Of Tarmika To Drive Connectivity
Ivans has announced that Tarmika, a top commercial lines rating solution that simplifies small business insurance, has been acquired by Ivans’ parent company, Applied Systems.
A more beneficial and digital distribution experience will be created at each stage of the insurance lifecycle thanks to the expansion of Applied’s commercial quoting and Ivans’ distribution connectivity solutions following the acquisition.
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According to a news announcement, Applied will support Tarmika’s real-time, industry-leading commercial lines quoting system to deliver the benefits of its straightforward, contemporary processes and strong product panel as a standalone solution.
Tarmika will simultaneously be integrated with Applied Epic and EZLynx, and over time customers can anticipate native Tarmika-powered embedded commercial lines quoting capabilities in the management systems.
Applied Systems’ Acquisition Of Tarmika To Drive Connectivity
The Ivans Distribution Platform (IDP), the industry’s platform to expedite the submission process through standardized digital links to agency-facing systems, will also incorporate Tarmika’s panel of commercial lines items.
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IDP will become the most powerful commercial distribution platform possible as a result of this combination, adding value by enhancing prospects for digital distribution for carriers, agencies, and Ivans’ increasing network of technology partners.
“Applied has been on a journey to solve the commercial lines distribution challenge with a mission to create a fully-digital roundtrip of insurance for agents and carriers – from search and classification to carrier appetite, and then on to quote to bind,” said Taylor Rhodes, chief executive officer, Applied Systems.
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“Our investment in Tarmika is the next step in creating a more connected, collaborative, and efficient distribution channel that brings agencies, carriers and partners closer together to create mutual value and move our industry forward.”
Applied Systems’ Acquisition Of Tarmika To Drive Connectivity
“Tarmika has always been focused on bringing agents and carriers closer, delivering access to more products so agents can keep both their productivity and profitability high,” said Raghav Tanna, Founder, Tarmika.
“We are excited to add the Ivans network and breadth of connectivity as it will bolster our speed to market with new product offerings for our agents and extend even greater distribution access for our carrier partners.
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“Tarmika was created to solve the major inefficiencies agencies experienced in their daily lives trying to grow their commercial book of business. This acquisition will help us further our innovative mission to bring the same efficiencies of personal lines quoting to commercial lines operations, and we are excited to continue this journey with Applied!”
In addition, Applied has had Hellman & Friedman as its primary stakeholder since 2014, with Stone Point Capital, JMI Equity, and CapitalG holding minority stakes.
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In support of this purchase, Tarmika received unique financial advice from TigerRisk Capital Markets & Advisory.
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