ChoicePoint, the information products and services firm, announced the acquisition today of Santa Barbara, Calif.-based Steel Card, LLC and its Apogee product line. Terms of the acquisition were not disclosed.
According to Alpharetta, Ga.-based ChoicePoint, Steel Card provides a comprehensive, Web-based personal lines software solution for the property-casualty insurance industry.
ChoicePoint said the Apogee software includes capabilities that span the policy administration lifecycle, such as rating, rules, forms, Internet quoting, Internet purchasing and full policy processing for all personal lines.
Steel Card and its products will be integrated into ChoicePoint's insurance software and process outsourcing business, Insurity, based in Hartford, Conn., said ChoicePoint. These new capabilities will be marketed as part of Insurity's Insurance Decisions suite of products and services.
“This acquisition is another strategic addition to our Insurance Decisions suite,” said Jeffrey Glazer, ChoicePoint's senior vice president for Insurance Services. “The additional functionality from this acquisition will immediately bolster ChoicePoint's personal lines capabilities. It increases the ability of our customers to deploy new products and offer significant self-service capabilities to their distribution channels and customers.”
According to a ChoicePoint spokesperson, no personnel changes at Steel Card are anticipated.
“With the integration of the ChoicePoint underwriting data solutions, carriers will be able to more effectively utilize data throughout the insurance process, which will ultimately make it easier for agents and consumers to do business,” said Mr. Glazer.
He added, “As personal lines insurers move to reduce costs associated with processing new policies, straight through processing streamlines the new policy administration process from point of entry through issuance.”
ChoicePoint said the transaction is not expected to have a material impact on its financial results or to be dilutive to earnings.
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