AMS Services, a provider of insurance industry software solutions, announced it has purchased a unit of ChoicePoint and is entering into a strategic alliance with the ChoicePoint firm.
The two moves, AMS said, will make its operation “the largest provider of rating solutions in the country.”
AMS' acquisition from the Alpharetta, Ga.-based ChoicePoint is Priority Data Systems Inc. Priority, based in Omaha, Neb., is a provider of comparative rating solutions to the independent insurance agency market.
Financial details of the Priority transaction were not released. The acquired firm has been providing comparative and proprietary rating solutions to insurance agents and carriers for auto, home, dwelling and other specialty products since 1984, the announcement said.
While specifics of the acquisition were not released, a spokesperson for Bothell, Wash-based AMS confirmed that the transaction was a “cash deal.” The spokesperson added that no layoffs are planned and that Priority will remain in Omaha.
AMS said the strategic alliance agreement it has signed with ChoicePoint, which provides insurance-related quoting and underwriting data, will be a long-term partnership offering insurance agents more efficient processes for new business quoting, rating and submission.
ChoicePoint's products include carrier rates programming, proprietary applications, point-of-sale capabilities, lead-generation tools and the ability to interface in real time with carrier systems.
“Collectively, the alliance and acquisition strengthen AMS Services' position within, and commitment to, the real-time, multiple-carrier rating market while expanding its presence to 48 states,” AMS said.
As part of the partnership, AMS Services will provide integrated access to ChoicePoint data products including credit, CLUE and motor vehicle reports–”which streamlines the quoting process, allowing agents to quickly respond to new business opportunities,” said AMS.
As a result of the strategic alliance, AMS Services' customers will have access to comprehensive data through simplified workflows and will benefit from more accurate quoting, helping agents to quickly respond to their customers and easily capture new business opportunities, said AMS.
In addition, the company said insurance carriers will have greater access to new business opportunities through accurate, real-time quoting that “supports their unique underwriting philosophies.”
Vertafore Inc., d/b/a AMS Services, is dedicated to helping independent insurance agencies achieve maximum performance and operational efficiency, the announcement said. The business offers a comprehensive, insurance-specific solution for managing critical business activities, including agency management, rating, benefits, performance management and carrier connectivity.
Further information is available at www.amsservices.com.
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