Insurance automation pioneer Applied Europe has bolstered its commercial lines distribution capabilities with the purchase of Riskhandler.
Financial terms of the transaction were not divulged.
A scalable SaaS platform, Riskhandler focuses on personal lines, commercial lines and niche product distribution services.
The platform is designed to enable quick insurance product innovation and includes underwriting controls for complete cycle rate, quote, as well as bind.
Applied will now integrate the platform with its Home and CV applications.
Riskhandler director Ivan Mullan said: “Riskhandler was designed to create a marketplace for brokers, MGAs and insurers alike to quickly build, access, quote and bind commercial and niche products.
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“It’s been an exciting journey, and the market need for easier and quicker ways to grow premium through new lines of business is at an all-time high. Working with Applied now we can support more customers to provide a single system to manage personal and commercial lines distribution – a very exciting development for our market.”
Applied looks to offer insurance tools that support a connected experience across insurers, MGAs, brokers and their clients.
The firm will continue investing in the Riskhandler application to simplify the niche product lifecycle as a standalone offering and an integrated proposition with its own wider range of technologies.
Private equity firm Hellman & Friedman is Applied’s majority shareholder. The firm is also backed by Stone Point Capital, JMI Equity, and CapitalG, who are its minority shareholders.
Applied CEO Tom Needs said: “Our investment in Riskhandler will help bring more commercial lines innovation across our portfolio of products that will enable more brokers, MGAs and insurers to bring new products to market at scale and speed.”