Fiserv Acquires Xcipio, Inc. to Expand its Reach in the Insurance Rating Market
Fiserv Acquires Xcipio, Inc. to Expand its Reach in the Insurance Rating Market
November 2, 2005
Fiserv Acquires Xcipio, Inc. to Expand its Reach in the Insurance Rating MarketBROOKFIELD, Wis.--Nov. 2, 2005--Fiserv, Inc. (Nasdaq:FISV) has acquired Xcipio, Inc., a Web-based insurance rating and automation solution provider, as part of its plan to expand its technological footprint in the insurance industry. The acquisition will allow Fiserv to provide Web-based comparative insurance rates directly from insurance carriers to producers in real time. Details of the transaction, which closed November 1, were not disclosed.
Terry Wade, president of the Fiserv Insurance Group, said the acquisition is a continuation of Fiserv's dedication to look for new ways to expand its presence in the insurance industry. "Fiserv will continue to build and acquire the necessary technologies to provide the best rating and submission experience to insurance professionals nationwide," Wade said.
Xcipio Inc., located in East Windsor, Conn., provides Web-based, real-time rating and automation solutions to insurance agents, brokers and carriers in Connecticut. Xcipio will operate as a division of FSC Insurance Solutions, a Fiserv business unit that holds a leading position in the insurance rating business in California, Arizona and seven Midwestern states.
Robert Meyerson, CEO of FSC Insurance Solutions, said the acquisition is a significant component to FSC's overall business development strategy. "The addition of Xcipio is particularly effective when combined with FSC Insurance Solutions' current technology and product portfolio. Technological synergies between our companies will allow us to create new and innovative rating products built on a hybrid of manufactured and real time rates. In turn, we are able to distribute complete and highly accurate rating solutions at a lower operating cost and with an accelerated time to market," Meyerson said.
"By combining the passion, creativity and technology of two leading-edge companies, we will continue to drive innovations that help insurance professionals, especially in the area of rating and submission tools," said David Cooksley, president and CEO of Xcipio. "Together, we will meet a wider set of customer needs and have a significantly greater opportunity to enter into new and emerging markets."
FSC Insurance Solutions, headquartered in Agoura Hills, Calif., is a full-service provider of personal lines rating solutions for the insurance industry. As a leader in rating and insurance technology solutions, FSC provides systems to more than 6,500 customers nationwide including independent agents, brokers, insurance companies and managing general agencies. FSC is on the Web at www.fscrater.com.
Fiserv, Inc. (Nasdaq:FISV) provides information management systems and services to the financial and health benefits industries, including transaction processing, outsourcing, business process outsourcing and software and systems solutions. The company serves more than 16,000 clients worldwide, including banks, credit unions, financial planners/investment advisers, insurance companies and agents, self-funded employers, lenders and savings institutions. Headquartered in Brookfield, Wis., Fiserv reported $3.4 billion in processing and services revenues for 2004. Fiserv was ranked the largest provider of information technology services to the U.S. financial services industry in the 2004 FinTech 100 survey by the American Banker newspaper and the Financial Insights research firm. Fiserv can be found on the Internet at www.fiserv.com.
Terry Wade, president of the Fiserv Insurance Group, said the acquisition is a continuation of Fiserv's dedication to look for new ways to expand its presence in the insurance industry. "Fiserv will continue to build and acquire the necessary technologies to provide the best rating and submission experience to insurance professionals nationwide," Wade said.
Xcipio Inc., located in East Windsor, Conn., provides Web-based, real-time rating and automation solutions to insurance agents, brokers and carriers in Connecticut. Xcipio will operate as a division of FSC Insurance Solutions, a Fiserv business unit that holds a leading position in the insurance rating business in California, Arizona and seven Midwestern states.
Robert Meyerson, CEO of FSC Insurance Solutions, said the acquisition is a significant component to FSC's overall business development strategy. "The addition of Xcipio is particularly effective when combined with FSC Insurance Solutions' current technology and product portfolio. Technological synergies between our companies will allow us to create new and innovative rating products built on a hybrid of manufactured and real time rates. In turn, we are able to distribute complete and highly accurate rating solutions at a lower operating cost and with an accelerated time to market," Meyerson said.
"By combining the passion, creativity and technology of two leading-edge companies, we will continue to drive innovations that help insurance professionals, especially in the area of rating and submission tools," said David Cooksley, president and CEO of Xcipio. "Together, we will meet a wider set of customer needs and have a significantly greater opportunity to enter into new and emerging markets."
FSC Insurance Solutions, headquartered in Agoura Hills, Calif., is a full-service provider of personal lines rating solutions for the insurance industry. As a leader in rating and insurance technology solutions, FSC provides systems to more than 6,500 customers nationwide including independent agents, brokers, insurance companies and managing general agencies. FSC is on the Web at www.fscrater.com.
Fiserv, Inc. (Nasdaq:FISV) provides information management systems and services to the financial and health benefits industries, including transaction processing, outsourcing, business process outsourcing and software and systems solutions. The company serves more than 16,000 clients worldwide, including banks, credit unions, financial planners/investment advisers, insurance companies and agents, self-funded employers, lenders and savings institutions. Headquartered in Brookfield, Wis., Fiserv reported $3.4 billion in processing and services revenues for 2004. Fiserv was ranked the largest provider of information technology services to the U.S. financial services industry in the 2004 FinTech 100 survey by the American Banker newspaper and the Financial Insights research firm. Fiserv can be found on the Internet at www.fiserv.com.