Ivans has announced that its parent company, Applied Systems, has acquired Tarmika – a leading commercial lines rating solution that streamlines small business insurance.
The acquisition is set to expand Applied’s commercial quoting and Ivans’ distribution connectivity solutions to create a more valuable and digital distribution experience at each stage of the insurance lifecycle.
In a press release, it notes that Applied will invest behind Tarmika’s industry-leading, real-time commercial lines quoting technology to bring the value of its simple, modern workflows and robust product panel as a standalone application.
At the same time, Tarmika will be integrated with Applied Epic and EZLynx, and overtime, users can expect embedded commercial lines quoting capabilities powered by Tarmika natively in the management systems.
Additionally, Tarmika’s panel of commercial lines products will also be integrated into Ivans Distribution Platform (IDP), the industry’s platform to streamline the submission process through standardized digital connections to agency-facing systems.
This combination will go on to make IDP the most robust commercial distribution platform available, therefore creating more value by expanding opportunities for digital distribution for carriers, agencies and Ivans’ growing list 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.
“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.”
“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.
“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!”
Furthermore, Hellman & Friedman, a preeminent global private equity firm has been Applied’s majority shareholder since 2014, alongside minority shareholders Stone Point Capital, JMI Equity, and CapitalG.
TigerRisk Capital Markets & Advisory acted as exclusive financial advisor to Tarmika in support of this acquisition.