Source: Skywire Software
Skywire Software, a diversified enterprise software company, today announced it has acquired Integrated Insurance Technologies (IIT) from SelectQuote, the nation's largest independent term life insurance brokerage, in an all cash transaction.
IIT is a San Francisco, Calif.-based provider of software products and data exchange services to the life insurance industry. The acquisition continues Skywire Software's aggressive plans for growth in servicing the insurance and financial services industries by further expanding it presence in the life sector.
The acquisition complements Skywire Software's customer base, which already includes leading Property and Casualty (P&C) carriers and top ten Managing General Agencies (MGAs). More than 50 major life insurance carriers use IIT's market leading software and services to support the new business cycle for life insurance, long-term care insurance and annuity products, along with 50 general agencies and more than 5,000 independent producers and agencies, and major service providers. IIT's parent company, SelectQuote, will remain a key customer and partner.
"The addition of IIT fits well with Skywire Software's vision for growth by expanding our reach into the insurance market and further enhancing the value we deliver to our current and future customers," said Patrick Brandt, founder and CEO of Skywire Software. "IIT not only offers complementary products, but a team led by industry veterans Ken Leibow and Mike Sladek, who together bring innovation and leadership in developing standards-based software for the life sector."
IIT's core products include Insurance Data Exchange Services (IDX), the largest, centralized independent insurance data hub that allows all parties, including agents, brokers, carriers and service providers, involved in processing new life insurance, annuity, health and variable business to electronically collaborate and exchange data via industry and proprietary standards. More than one million insurance transactions have been executed during the past 12 months via IDX.
Other IIT offerings include QuickView, the largest life insurance industry processing portal used by more than 5,000 independent producers and agencies. This Web portal provides online status of insurance applications from carrier to producer, as well as supports viewership of data such as pending cases, commissions and inforce information. Additional products include the General Agency Management System (GA), and Tele-Interview System (ITS).
"SelectQuote has been changing the way consumers buy life insurance for more than two decades," said Charan Singh, founder and CEO of SelectQuote. "We are confident the combination of IIT with Skywire Software will continue to help the industry change how it sells insurance and enable agencies and carriers to be more efficient. Building upon the two companies' legacy of innovation, combined experience, product vision, implementation expertise, and well-respected brands, Skywire Software is well-positioned to drive success. We are looking forward to a long and prosperous partnership with Skywire Software."
IIT's customers will benefit from the ability to leverage Skywire Software's insurance and financial services software applications, including integration with its InsBridge rating, rules and underwriting system. Skywire Software also markets INSsight, an insurance-specific data model and business intelligence application; Policyware, a centralized, Web-based agency management system designed for MGAs and excess and surplus lines brokers; and eTitleAxis, a Web-based system for the title and settlement industry.
The IIT acquisition marks another milestone in Skywire Software's ongoing expansion, which has been fueled by organic growth and through seven previous strategic acquisitions during the past four years. The announcement comes after Skywire Software disclosed, Dec. 6, 2006, it had entered into a definitive merger agreement with Docucorp International. The transaction, which is subject to customary conditions, regulatory and Docucorp stockholder approval, is expected by finalized during the first quarter of 2007.