The information technology firm ChoicePoint announced the acquisition today of certain assets of Torrance, Calif.-based ePolicy Inc., including the ePolicy Solutions RightRisk product line.
While terms of the acquisition were not disclosed, Alpharetta, Ga.-based ChoicePoint said “a majority” of ePolicy's 30 full-time employees were being retained.
According to a spokesman for ePolicy, those employees not retained were in “administrative functions such as H-R, accounting and finance.”
ePolicy provides a set of administration solutions for commercial insurance carriers, all of which are adaptable and configurable to customer platform requirements with quick and simple integrations, said ChoicePoint.
Products by ePolicy are designed to improve “time to market” for new insurance offerings as well as deliver immediate and long-term competitive advantage by improving business agility.
“The acquisition of ePolicy is a strong complement to our suite of solutions for the insurance market,” said Tony Reisz, vice president and general manager of ChoicePoint's Insurity division.
He added, “In addition to strengthening our market reach, it will help further our ability to address the growing needs of customers seeking customizable, tools-based solutions and 'best in class' approaches.”
ePolicy's products will be offered within ChoicePoint's Insurance Decisions suite of business process improvement products and services for property and casualty insurance, sold through Insurity.
Insurance Decisions incorporates processing applications onto one Web service platform, which provides decision support in the insurance value chain for policy, claims and reporting decisions.
“The ePolicy acquisition offers a unique opportunity to enhance the Insurance Decisions suite of offerings, bringing enhanced flexibility and advanced technology to the existing policy, claims and reporting administration solutions, especially for customers that want a tools-based solution,” said Billy McCarter, a former ePolicy executive who joined ChoicePoint as part of the acquisition.
According to the ePolicy spokesman, that company's Torrance, Calif. (product development) and Wrentham, Mass. (operations) offices will be maintained.
ChoicePoint said the transaction is not expected to have a material impact on its financial results or to be dilutive to earnings.
ChoicePoint (NYSE: CPS) helps businesses, government agencies and nonprofit organizations improve decisions through information and technology solutions.
With Web-based technology services, ePolicy Inc. provides businesses with a range of products to automate the rate, quote, bind and issue of insurance processes. Details are available at www.choicepoint.com and www.epolicy.com.
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
