Applied Systems to withdraw platform from the UK
Software provider Applied Systems has decided to withdraw Applied Epic from the UK market. The company shared in the press release that while Applied Epic is the market-leading broker management system in North America, the UK BMS market presents complex product requirements, has steep competition and has been especially challenging to align with insurers on agreements to distribute their products in the commercial lines segment.
Rather than continue to invest significant capital and opportunity cost in a “loss-making business” in the UK, Applied will instead redirect investment into markets and products where it is leading, and business results are accelerating.
As part of this review, Applied TAM, Applied Rating Hub and Applied RiskHandler products in the UK will continue to be supported, and the business will continue to invest in and operate its business in the Republic of Ireland.
“The UK insurance market has long craved new broker technology innovation, and we made a strategic decision as a global business bringing Applied Epic into the UK market – a decision that we hoped would offer the market more choice in insurance technology options. Applied is committed to doing the right thing, fulfilling our customer commitments and ensuring all our customers receive optimal business support throughout this process. We greatly appreciate the partnership so many of our customers and partners have provided us in creating opportunity for Applied Epic to make an impact on their business and are refocusing on the next chapter of our European business.” – Tom Needs, chief executive officer of Applied Systems Europe.
“As the leading insurance technology specialist, Applied Systems invests heavily in innovation and market expansion where we believe we can create new value for independent insurance agencies and brokerages. Our decision to bring Applied Epic into the UK market was based on our belief that the UK broking community desired new BMS alternatives, but we struggled to deliver a fully featured product in the face of competitors with incredibly strong positions in the market. As in any business, you take calculated risks, and some of them play out and return significant value and others do not. While this investment did not work out, recognising this fact now presents us with the opportunity to reallocate capital toward other investments that are supporting our winning position in our other markets.” – Taylor Rhodes, chief executive officer of Applied Systems.
