Prudential Financial, Inc., is in the process of acquiring American Skandia Life Assurance Company, the U.S. subsidiary of Swedens Skandia Insurance Company, Ltd., in a $1.27 billion deal. Prudential is targeting attractive growth possibilities, according to a statement announcing the acquisition at the end of last year.

At that time, Vivian Banta, vice chairman of Prudentials insurance division, said, Prudential plans to distribute American Skandia products under the Prudential-American Skandia brand. We expect to achieve cost efficiencies and marketing synergies as we integrate the business over the next year and a half. American Skandia is the largest distributor of variable annuities through independent financial planners in the U.S., and it also operates a mutual fund business. Now in a quiet period, neither company would comment further on the acquisition.

Nevertheless, it would appear the synergies dont stop there. American Skandia has been known for its innovative technology, but Prudential has made technology inroads of its own over the last five years, according to Dalbar, a financial services research firm, which recently gave Prudential an award for client service. The key technology advantage Prudential has over American Skandia is its sales system, explains Lou Harvey, Dalbar president. Prudential offers a totally paperless system, enabling an agent to go from lead to contract on a fully automated system. Theyre one of the first companies willing to adopt the e-sign principle that says you dont have to have a wet signature in order to do business.