Two recent Bisys Inc. acquisitions are meant to strengthen the outsourcer in selling insurance back-office services to banks and other companies in the Southeast.
Advanced Markets and PJ Robb Cos., both of Nashville, are wholesale distributors of life insurance products and services for high-end clients of brokerage firms, financial institutions, and independent agents. Bisys bought them both last month; financial terms were not announced.
The two firms work with 5,000 financial advisers and independent agents, so Bisys now works with 100,000 in all, said Randy Grespin, executive vice president of Bisys Insurance Services.
In addition to improving market penetration in the Southeast the firms added tax planning to Bisys financial planning menu, he said.
In insurance back-office services, Bisys bills itself as a one-stop shop for banks, securities and insurance brokerages, and broker-dealers that sell life insurance, employee benefits, property/casualty insurance, and annuity products.
Mr. Grespins unit provides access to products from over 200 insurance companies as well as marketing, financial planning, and sales and servicing support.
The idea is to let client companies employees can concentrate on selling, Mr. Grespin said.
Though the company targets banks with $1 billion to $10 billion of assets, it has bank clients of all sizes, he said. These include small ones that use its call-in center for simple products and big ones such as Wells Fargo & Co. that have in-house insurance salespeople but outsource back-office functions such as claims handling and producer licensing, he said.
Banks that use Bisys services can focus on the customers and on sales, rather than on the infrastructure and process required to get an insurance policy underwritten, such as medical underwriting for life insurance policies, staff training, and marketing support, Mr. Grespin said.
Producers can generate real-time quotes, download carrier software, research carrier and case data, and review product specifications through a Bisys Web site.
The Little Falls, N.J., company also makes health insurance programs available to its institutional clients and provides property/casualty insurance through relationships with other outsourcers. It can also combine its insurance services with the services offered by other units, such as investments, education, and document handling, Mr. Grespin said.