Bisys Group Inc., the top provider of funds administration services to U.S. banks, is installing a centralized management information system for the 7,000 insurance agents of MetLife General Agency Inc.
The five-year installation and maintenance contract with the unit of Metropolitan Life Insurance Co., New York, was announced this week.
The system includes support for distribution, marketing, and underwriting as well as connections for the MetLife agents to offer the products of 150 other insurance companies.
MetLife had divided these support jobs among more than 20 vendors, each of which used a proprietary system, said Anthony Pascotti, president of Bisys Insurance Services.
The contract makes MetLife the Bisys unit's second-largest client, behind Equitable Cos. Mr. Pascotti declined to say how much MetLife would be paying.
MetLife General used to maintain an operations center in Metairie, La. That has now been closed, and an expanded center has been established in Iselin, N.J., near Bisys' headquarters.
There are 32 employees from both organizations at that site, Mr. Pascotti said.
Using one support firm will help MetLife monitor agents and sell more policies through banks, he said.
Bisys Insurance Services says it is the largest independent distributor of life insurance and the second-largest distributor of long-term-care products. The MetLife General assignment brings to 40,000 the number of insurance agents it serves.
The parent Bisys Group Inc. of Little Falls, N.J., has $146 billion of bank fund assets under administration.