ChoicePoint (NYSE: CPS) announced the acquisition of certain assets of California-based ePolicy, Inc., including the industry-leading ePolicy Solutions RightRiskTM product line. Terms of the acquisition were not disclosed.
ePolicy provides a comprehensive set of administration solutions for commercial insurance carriers, all of which are adaptable and configurable to customer platform requirements with quick and simple integrations. ePolicy's products are designed to improve "time to market" for new products as well as deliver immediate and long-term competitive advantage by improving business agility.
"The acquisition of ePolicy is a strong complement to our suite of solutions for the insurance market," said Tony Reisz, vice president and general manager of ChoicePoint`s Insurity division. "In addition to strengthening our market reach, it will help further our ability to address the growing needs of customers seeking customizable, tools-based solutions and `best in class' approaches. The ePolicy team brings experience and a strong reputation in the marketplace to our insurance services business."
ePolicy's products will be offered within ChoicePoint's Insurance Decisions suite of business process improvement products and services for property and casualty insurance sold through the company's Insurity division. Insurance Decisions incorporates processing applications onto one Web service platform, which provides effective decision support in the insurance value chain for policy, claims and reporting decisions.
"The ePolicy acquisition offers a unique opportunity to enhance the Insurance Decisions suite of offerings, bringing enhanced flexibility and advanced technology to the existing policy, claims and reporting administration solutions, especially for customers that want a tools-based solution," said Billy McCarter, a former ePolicy executive who joins ChoicePoint as part of the acquisition. "Together, we'll be able to build upon our combined experience, product vision, implementation expertise, stability and well-respected brands to drive success."
The transaction is not expected to have a material impact on ChoicePoint's financial results or to be dilutive to earnings.
About ChoicePoint
ChoicePoint (NYSE: CPS) helps businesses, government agencies and nonprofit organizations make better decisions through information and technology solutions. Each year, ChoicePoint helps more than seven million people get the jobs they deserve and more than 100 million people get fairly priced home and auto insurance. Small businesses can obtain affordable commercial insurance because of our products. Businesses grow revenue with our marketing services and cut costs through our authentication and anti-fraud tools. Government agencies use our data and technology to fulfill their missions in all parts of the world. Visit www.choicepoint.com for more information.
About ePolicy, Inc.
With state-of-the-art Web-based technology services, ePolicy, Inc. helps clients become more competitive while streamlining their business processes, and provides businesses with a range of products to automate the rate, quote, bind and issue insurance processes. Its capabilities include fully configurable screens, workflows, business rules, insurance tasks and data models, making it a leader in providing solutions that satisfy the insurance industry's need for comprehensive flexibility and rapid time to market. Visit www.epolicy.com for more