POMPANO BEACH, Fla., Jan. 7, 2010 (GLOBE NEWSWIRE) -- Blue Frog Solutions, a leading provider of life insurance and annuity order management and compliance solutions, has reached an agreement to acquire the Insurance Online Network (ION), a web-based multi-carrier term insurance platform.
ION was created in 2005 by Life Alliance, LLC, a joint venture of wholly-owned subsidiaries of The Hartford Financial Services Group, Inc. (Hartford, CT) and Protective Life Corporation (Birmingham, AL). ION has been a valuable tool for many broker-dealers, banks and other institutions in helping to meet their customers' term life insurance needs.
Using ION, financial professionals are able to generate term life quotes from multiple carriers based on the client's age, gender, risk class, requested benefit amount and coverage period. When a client chooses one of the term life quotes for further action, the financial professional is able to submit the information electronically to the appropriate carrier for new business processing and underwriting.
"The innovation and success of ION has been very impressive. We are pleased to be able to build on that success, and Blue Frog Solutions is committed to its ongoing growth and development," said Brad Levine, Executive Vice President and founder of Blue Frog Solutions.
"We're very proud of ION's acceptance and growth since 2005. We're confident that Blue Frog's commitment and focus will help to meet the evolving needs of broker-dealers and other life insurance distributors in the future," said John Deremo, Senior Vice President and Chief Distribution Officer at Protective Life Insurance Company.
With an exclusive focus on the insurance marketplace, Blue Frog Solutions has led the effort to streamline annuity processing wire house and broker dealer arenas. "Moving into the life space is a logical extension of our annuity success. In fact, we estimate that Blue Frog will have more than $10 billion worth of annuity transactions on the platform this year," says Dan Smith, Blue Frog CEO. "Our focus is on streamlining complicated processes for both distributors and insurance carriers to enable them to more effectively reach and service their customers."
Blue Frog intends to continue support to current ION customers and to introduce the platform to its AFFIRM for Annuity customers later in the year. Blue Frog is also working with a select group of insurance manufacturers to ensure that the system continues to provide choices from multiple carriers.
For more information about Blue Frog Solutions and its offerings, visit www.bluefrogsolutions.com.
About Blue Frog Solutions:
Blue Frog Solutions, (www.bluefrogsolutions.com), based in Pompano Beach, Florida, is a leading technology solutions provider that focuses on the life, annuities and long-term care market. A financial service insurance processing firm, Blue Frog offers solutions that facilitate more insurance transactions that are compliant and In Good Order, helping drive increased business. To date more than $16 billion in deposits have been processed through Blue Frog's AFFIRM platform. Blue Frog simplifies the business of selling insurance.