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University Park, Ill. (PRWEB) January 07, 2015
Applied Systems, Inc., a leading provider of software that powers the business of insurance, today announced it has acquired NxTech Incorporated to support Applied Systems’ continuing strategic investments in its IVANS Insurance Solutions business unit to improve data exchange and carrier-agency connectivity for the benefit of the entire property and casualty (P&C) industry. NxTech is a leading provider of technology solutions that enable data exchange and integration between insurance carriers and the independent agency channel in the U.S. P&C insurance industry.
“The ability for insurance carriers to exchange information more efficiently with independent agencies and brokerages through advanced download and real-time technology is critical in today’s connected insurance marketplace,” said Reid French, chief executive officer, Applied Systems. “In the last two years, IVANS has increased technical innovation and improved carrier-agency integration for carriers and agencies across the industry. The acquisition of NxTech is an important investment in the continuing growth of IVANS and furthers our commitment to increasing data connectivity and efficient data exchange for customers and other industry stakeholders.”
Since Applied Systems’ acquisition of IVANS two years ago, IVANS has steadily grown across its lines of business and today serves more than 250 carriers and 25,000 agencies in personal and commercial lines, managing approximately 10 million transactions for the industry every month. NxTech will be integrated into IVANS to enhance data exchange technologies that connect P&C insurance carriers and independent agencies. NxTech provides real-time and download interface technologies that are differentiated from IVANS and will support IVANS’ data exchange solutions.
NxTech has significant expertise in carrier interface solutions, and its executive management team has a 25-year track record of delivering innovative interface solutions to insurance carriers. The company supports 450 installations for 70 clients ranging from large insurance carriers to specialty companies to managing general agents (MGAs) to industry organizations.
“Applied Systems, IVANS and NxTech share a common mission of improving data exchange for all stakeholders across the insurance industry with innovation that drives growth, efficiency and better service to policyholders,” said Bill Tedrick, chief executive officer, NxTech Incorporated. “By joining IVANS, we gain momentum and are better positioned to achieve our mission with deeper and complementary technologies and expertise that will deliver greater value and service to our clients and organizations throughout the industry.”
For more information on this acquisition, please click here.
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About Applied Systems
Applied Systems is a leading provider of software that powers the business of insurance. Applied is recognized as a pioneer in agency and brokerage management systems and data exchange between agencies, brokers, carriers and their clients. Automating the insurance lifecycle for more than 140,000 insurance professionals, 12,000 agencies and brokerages, and 350 carriers worldwide, Applied enables millions of people around the world to safeguard and protect what matters most.
About NxTech Incorporated
NxTech is the leading provider of solutions specializing in helping carriers, MGAs and program administrators automate the exchange of insurance data with their distribution channels and other third parties. Combining unparalleled ACORD® AL3 and XML expertise, deep insurance knowledge and innovative technology, we implement best-in-class workflows that eliminate keystrokes and drive business growth.