ChoicePoint, the information products and services firm,announced the acquisition today of Santa Barbara, Calif.-basedSteel Card, LLC and its Apogee product line. Terms of theacquisition were not disclosed.

|

According to Alpharetta, Ga.-based ChoicePoint, Steel Cardprovides a comprehensive, Web-based personal lines softwaresolution for the property-casualty insurance industry.

|

ChoicePoint said the Apogee software includes capabilities thatspan the policy administration lifecycle, such as rating, rules,forms, Internet quoting, Internet purchasing and full policyprocessing for all personal lines.

|

Steel Card and its products will be integrated intoChoicePoint's insurance software and process outsourcing business,Insurity, based in Hartford, Conn., said ChoicePoint. These newcapabilities will be marketed as part of Insurity's InsuranceDecisions suite of products and services.

|

“This acquisition is another strategic addition to our InsuranceDecisions suite,” said Jeffrey Glazer, ChoicePoint's senior vicepresident for Insurance Services. “The additional functionalityfrom this acquisition will immediately bolster ChoicePoint'spersonal lines capabilities. It increases the ability of ourcustomers to deploy new products and offer significant self-servicecapabilities to their distribution channels and customers.”

|

According to a ChoicePoint spokesperson, no personnel changes atSteel Card are anticipated.

|

“With the integration of the ChoicePoint underwriting datasolutions, carriers will be able to more effectively utilize datathroughout the insurance process, which will ultimately make iteasier for agents and consumers to do business,” said Mr.Glazer.

|

He added, “As personal lines insurers move to reduce costsassociated with processing new policies, straight throughprocessing streamlines the new policy administration process frompoint of entry through issuance.”

|

ChoicePoint said the transaction is not expected to have amaterial impact on its financial results or to be dilutive toearnings.

Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader

  • All PropertyCasualty360.com news coverage, best practices, and in-depth analysis.
  • Educational webcasts, resources from industry leaders, and informative newsletters.
  • Other award-winning websites including BenefitsPRO.com and ThinkAdvisor.com.
NOT FOR REPRINT

© 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.