One of the giants of the insurance broker software arena, Applied Systems, has today announced a significant acquisition as it looks to further expand its business.
The company has acquired Relay Software, one of the leading providers of insurance software to insurers and brokers in the Republic of Ireland.
“This acquisition brings together the largest provider of broker management systems in the world with the leading provider of insurance automation in Ireland,” said Reid French, chief executive officer of Applied Systems.
“Together, Applied and Relay will provide complementary software offerings to the insurance marketplace, further reinforcing Applied’s commitment to automate the insurance lifecycle for the benefit of brokers and insurers throughout the world.”
Applied has an existing presence in Europe through its operations in the United Kingdom, and the acquisition of Relay in Ireland will support Applied’s international growth strategy. Its statement suggests that the acquisition will benefit the broker and insurer marketplace in Ireland by providing greater technical resources, deeper domain expertise and a broader product portfolio to support digital transformation and accelerated growth in the region. Relay has the largest panel of insurer connectivity available in the market and processes the vast majority of all broker-channel personal lines insurance policies in Ireland.
“As the insurance industry continues to evolve, we recognise an opportunity with Applied for our customers to benefit from greater technical resources and a broader product portfolio,” said Alastair Bell, managing director, Relay Software. “This acquisition provides new innovative offerings to the Relay customer base that will enable them to further automate business operations, access new markets, and provide a greater customer experience to drive growth and profitability.”
Going forward, Applied Systems has outlined that it is committed to making further investments in the Irish and broader UK markets, with a primary focus on delivering additional expertise, resources and technology innovation to scale growth and drive a connected insurance experience among brokers, insurers and the insured.
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