(Image source: IXN website.)
Insurance Technologies, LLC (Colorado Springs, Colo.), a provider of sales automation solutions for the life and annuities insurance industries, has announced its acquisition of IXN (Lehigh, Utah), a vendor of digital data exchange solutions for the life insurance industry. Insurance Technologies says the combined company will fully integrate both companies’ systems to offer the most comprehensive and efficient single platform capabilities and experience for sales automation in the life and annuities insurance industries. Insurance Technologies declined to disclose the terms of the transaction.
Insurance Technologies contextualizes the acquisition within a broad digital transformation of the insurance agency, where market participants face increasing demand to create specialized software to modernize the overall sales and operations process. “To operate in today’s competitive distribution world, advisors, agents, distributor firms, and carriers need a modern, simple, cohesive, one-stop digital shop to manage all aspects of the sales process,” Insurance Technologies’ statement says.
Insurance Technologies says it identified IXN as a dynamic disrupter in the life insurance ecosystem, as proven by its widely adopted cross-platform digital solutions and recent launch of the LifeDX solution, an open API data exchange solution. The vendor asserts that IXN pioneered the concept of “putting an Agents’ business in their pocket” by launching and becoming the industry leader for mobile applications within the life insurance space. IXN also developed a multi-carrier sales automation solution that Insurance Technologies says is becoming the platform of choice for life insurance distributors and carriers.
“As the insurance industry continues to innovate, we must find ways to deliver increasingly specialized yet integrated solutions for advisors, agents, distribution partners, and carriers,” said David Fenimore, CEO, Insurance Technologies. “The addition of IXN’s industry-leading suite of products for life insurance rapidly advances our FireLight product roadmap for life insurance, providing the full life ecosystem in a single, easy-to-use application. This integrated solution further enhances our life insurance functionality and supports our client base in an area where we already see tremendous growth. We continue to build on our promise to offer a single platform as a service solution that supports the entire life and annuity insurance sales lifecycle and are committed to being the best possible long-term technology partner for our clients.”
Improving Operational Efficiency
“We are excited to combine IXN’s innovative technological tools with Insurance Technologies’ proven solutions,” comments Kevin Pohmer, CEO, IXN. “Both of our customer bases and the entire life insurance industry will benefit from our increased ability to deliver innovative, value-added solutions that improve client success and operational efficiency across the entire value chain.”
Insurance Technologies says that by combining their technology solutions, Insurance Technologies FireLight and IXN are creating the most robust end-to-end platforms for the life insurance marketplace. The company says that it expects the addition of IXN’s digital sales automation and data exchange solutions to make its own software solutions even more attractive to clients and reinforce the company’s track record for product and customer service.