Company: Applied Systems, University Park, IL
Company Description: Applied Systems, founded in 1983, is a leading global provider of software that powers the business of insurance. Recognized as a pioneer in insurance automation and data exchange between brokerages, insurers and their clients, Applied is the world’s largest provider of agency and brokerage management systems.
Nomination Category: Company / Organization Categories
Nomination Sub Category: Company of the Year - Insurance - Large
 Nomination Title: Ivans
- Which will you submit for your nomination in this category, a video of up to five (5) minutes in length about the achievements of the nominated organization since January 1 2022, OR written answers to the questions for this category? (Choose one):
Written answers to the questions
- If you are submitting a video of up to five (5) minutes in length, provide the URL of the nominated video here, OR attach it to your entry via the "Add Attachments, Videos, or Links to This Entry" link above, through which you may also upload a copy of your video.
- If you are providing written answers for your submission, you must provide an answer to this first question: Briefly describe the nominated organization: its history and past performance (up to 200 words):
Total 168 words used.
The insurance industry has historically struggled with the commercial lines distribution process due to legacy technology, lack of connectivity between systems and manual workflows. Prior to the technology that Ivans delivers to both carriers and agents, agents would use either manual workflows or disparate applications to connect with carriers. Not only would this process create work and take time, carriers that don’t have a relationship with agents are left out of opportunities.
While there are several insurtechs that have set out to remedy aspects of this industry-wide challenge, only Ivans, the US industry’s agnostic network, has been able to bring together agents, carriers, and MGAs to connect the industry by integrating with more than 45 agency management systems and partnering with more than 20 distribution-focused insurtechs. Today, 38,000 agents and 600 carrier partners plug into Ivans technology, empowering them to better determine appetite and eligibility, swiftly produce quotes, get accurate claims and commission updates, automatically communicate policy data, and connect to one another to drive new business.
- If you are providing written answers for your submission, you must provide an answer to this second question: Outline the organization's achievements since the beginning of 2022 that you wish to bring to the judges' attention (up to 250 words):
Total 244 words used.
Ivans has built its product portfolio to enable seamless connectivity between agents and carriers, using the Ivans Distribution Platform (IDP) as the foundation in which all technologies connect. This enables agents to use their quoting application, connected to IDP, to search for appetite when they receive a customer risk. The quoting application uses the Ask Kodiak technology within IDP to find appropriate appetite from the carriers, similar to Expedia. Once carriers with appetite have been identified, the quoting application intakes the customer data and then automatically submits it through IDP to the carrier portals. The carriers come back with quotes and the agents binds the policy.
Then using Ivans Download, the carrier makes the policy information and documents available within the agency management system, and can respond to any agent policy, billing, claims and payment inquiries within the carrier’s workflows using Ivans eServicing. Through these solutions, Ivans connects the industry and creates processes that are built directly within the systems agents and carriers are already using, reducing duplicative work and screen jumping.
Recent achievements include:
- 650 carriers and MGAs connect to Ivans via policy administration systems, point solutions, or other insurtechs.
- More than 38,000 independent agents connect to Ivans via agency management systems, point solutions or other insurtechs.
- Ivans Distribution Platform quoted 900 million total premium in 2023.
- Ivans currently facilitates more than 1 million connections between carriers, MGAs, and agents.
- More than 1 million transactions flow through the Ivans platform every day.
- If you are providing written answers for your submission, you must provide an answer to this third question: Explain why the achievements you have highlighted are unique or significant. If possible compare the achievements to the performance of other players in your industry and/or to the organization's past performance (up to 250 words):
Total 233 words used.
Ivans is the insurance industry’s agnostic network with virtually no competitors in the market. Since bringing on new leadership in 2020, the company has transformed from an antiquated network that focused mostly on the post-bind process (Ivans Download as described above) to the industry’s superhighway that seamlessly connects and automates data exchange between carriers, MGAs and agencies at each stage of the policy lifecycle.
Ivans, and its parent company Applied Systems, made several strategic acquisitions to enable this digital connectivity. In 2021, Ivans acquired Ask Kodiak to enable digital appetite search which has been integrated with Ivans Distribution Platform so that any agency management system, point solution or Insurtech that connects with IDP can leverage the Ask Kodiak technology. In 2022, Applied Systems acquired Tarmika, a leading commercial lines quoting application, to integrate its extensive panel of commercial lines carriers into IDP, providing more distribution opportunities between agents, carriers and MGAs. These acquisitions and integrations have propelled Ivans to the success it is experiencing today, while enabling seamless connectivity with digital touchpoints of a policy at each stage of its lifecycle.
- The number of carriers and MGAs connected to Ivans has grown 60% since 2020.
- The number of agents connected to Ivans has grown 80% since 2020.
- Total premium quoting on Ivans Distribution Platform has grown at an average rate of 20% per month and more than doubling the amount quoted in 2022.
- You have the option to answer this final question: Reference any attachments of supporting materials throughout this nomination and how they provide evidence of the claims you have made in this nomination (up to 250 words):
Total 65 words used.
| Attachments/Videos/Links: |
|---|
|
