ChoicePoint announced the acquisition of Steel Card, LLC, and its Apogee product line. Steel Card provides a Web-based personal lines software solution for the property/casualty insurance industry. Its software spans the policy administration life cycle, such as rating, rules, forms, Internet quoting, Internet purchasing, and full policy processing for all personal lines. Terms of the acquisition were not disclosed.
Steel Card and its products will be integrated into ChoicePoint's insurance software and process outsourcing business, Insurity, based in Hartford, Conn. 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," says Jeffrey Glazer, ChoicePoint's senior vice president for insurance services. "It increases the ability of our customers to deploy new products and offer significant self-service capabilities to their distribution channels and customers."
In addition, the acquisition addresses some key industry trends, according to Glazer. "Insurity's enhanced personal lines offering creates a tremendous opportunity for customers looking for a flexible end-to-end personal lines underwriting application," he says. "With the integration of the ChoicePoint underwriting data solutions, carriers will be able to utilize data throughout the insurance process, which ultimately will make it easier for agents and consumers to do business. 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."
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