Applied Systems has revealed plans to withdrawal its Applied Epic product from the UK broker management system market. 

Applied Epic is a management platform that allows insurers to manage and maintain a clear picture of the entire agency across all roles, locations and lines of business, including both property and casualty and benefits. 

The decision comes as the company faces “complex” product requirements, stiff competition and difficulties in aligning with insurers to distribute products in the UK’s commercial lines segment. 

The company has stated that continuing to invest in a “loss-making” business in the UK is not sustainable.  

Instead, Applied Systems will redirect investments towards markets and products where it is “leading,” and where business results are showing positive acceleration. 

Despite the withdrawal of Applied Epic, Applied Systems has confirmed that it will continue to support its other products in the UK, such as Applied TAM, Applied Rating Hub and Applied RiskHandler.  

The company will continue to invest in and operate its business in the Republic of Ireland. 

Applied Systems CEO Taylor Rhodes said: “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.” 

Applied Systems, known for its cloud-based software that powers the insurance business, serves customers across the US, Canada, the Republic of Ireland and the UK. 

Last year, the company acquired Planck, an AI-driven platform designed to serve the commercial insurance industry.