ATLANTA -- Digital Insurance Inc., an online health insurance provider for small businesses and self-employed and individual customers, said it has bought InsureRate, an online source of high-value insurance products, including term life and annuities.
InsureRate is to keep operating as a separate entity, Digital said Friday, and remain headquartered in Houston.
The price was not disclosed.
As part of the deal, Digital Insurance bought InsureRate's retail- and financial-institution-focused, Web-site-related assets and certain hard assets and assumed certain liabilities. Included among the assets are the intellectual property supporting the present and next-generation retail Web site; carrier partner distribution agreements; financial and portal distribution agreements; select furniture, fixtures, and equipment in InsureRate's offices; and all of InsureRate's insurance business.
The core of InsureRate's business is a software platform offered to banks and other financial institutions that enables online sales by their agents of life and annuity products from carriers such as Mutual of Omaha, Zurich Kemper, Midland, and Progressive. Using InsureRate's software, banks can offer an insurance and annuity center on the bank's own Web site.
Digital bought InsureRate from Homecom Communications Inc., a provider of Internet software for the financial services industry.