Illinois-based Applied Systems, Inc., an automation solutions provider for the property and casualty insurance industry, has reached an
agreement to sell its Rating Division to MI-Assistant.
“Economies of scale and carrier relationships are the two ingredients needed to make a rating business model work successfully,” James Kellner, CEO and chairman of Applied Systems, said. “Due to the increasing complexity of providing accurate comparative rating, the effort to provide and maintain this capability has taken resources that could be better utilized by Applied Systems, Inc.” Kellner added, “A company like MI, that has obtained these economies of
scale, is better suited to operate efficiently and provide high quality
rating to customers.”
“This acquisition provides a great opportunity for agencies to re-establish comparative rating as the preferred agency workflow,” Scott Deetz, CEO of MI-Assistant, remarked. “We look forward to serving the needs of our new customers. MI is firmly committed to providing the most accurate desktop and web-based comparative rating solutions available, backed by professional, friendly customer service. In addition, this acquisition allows MI to expand our geographic offering, and form even closer partnerships with insurance carriers.”
Current Applied Rating customers are being notified of the
change and provided options that are best suited for their individual
business. Depending on the state(s) they utilize Applied Rating Services in, these customers will be offered similar services through MI-Assistant or an alternative rating vendor that has agreed to work through the conversion process in a seamless, non-intrusive fashion.
Topics Mergers & Acquisitions Michigan
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