Insurance technology vendor Applied Systems has purchased Tarmika to expand its portfolio of commercial quoting and distribution technologies.
The value of the deal was not disclosed.
Former insurance agents and carrier representatives founded Tarmika in 2018 to streamline the commercial lines quoting process for independent agents.
Applied plans to invest in Tarmika’s quoting technology to develop its workflows and product panels into a standalone application.
Initially, the technology vendor will integrate Tarmika with Applied Epic and EZLynx. Over time, it aims to offer Tarmika-powered embedded commercial lines quoting capabilities natively in the management systems.
Additionally, Applied will add Tarmika’s product panel to its Ivans Distribution Platform (IDP) in a bid to strengthen the distribution network.
Applied Systems CEO Taylor Rhodes said: “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.
“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 CEO & founder Raghav Tanna said: “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!”