POMPANO BEACH, Fla., Nov. 11, 2009 (GLOBE NEWSWIRE) -- Blue Frog Solutions, a leading provider of Life & Annuity Order Management and Compliance solutions for the insurance industry, today announced that it has entered into a definitive agreement to acquire Salt Lake City, Utah-based Prospect9 client management and marketing solutions provider to the financial services and insurance industries. Details of the acquisition were not released.
Prospect9's technology will further extend Blue Frog's life order entry business by providing enhanced policy data via state of the art CRM intelligence specifically created for life insurance sales. In addition PolicyBox -- the industry's first comprehensive, multi-carrier, multi-distributor electronic policy delivery system will create a world class experience for all parties involved delivering product to the end insured.
Prospect9's flagship offering is I-Relay, an innovative and comprehensive CRM solution specifically built for insurance carriers and financial services organizations. I-Relay is a Web-based, fully-hosted and turnkey solution that requires little or no customization and enables users to manage all product lines in one location regardless of agency or carrier affiliation. The firm also offers PolicyBox, a unique electronic policy and post issue document delivery system for the Insurance and finance industry. PolicyBox provides an open API for data communications via an easy-to-use, robust rules engine that manages virtually any workflow combination.
"Prospect9 technologies and expertise will enhance Blue Frog's industry leading offerings," says Dan Smith, Blue Frog's President and Chief Executive Officer. "The agreement to acquire Prospect9 demonstrates Blue Frog's commitment to expanding both firms' industry-leading technologies within the insurance field."
"Blue Frog's innovation and longstanding commitment to creating efficient tools which empower the insurance industry to increase sales by simplifying the selling and marketing of life and annuity products at their source is compelling and in alignment with our vision of where the industry is headed," says Greg Reynolds, President and Chief Technology Officer, Prospect9. "Cost savings and increased production for carriers and distributers will be dramatically increased through this combination."
"The sum of the two companies will be stronger than merely adding the organizations together," says Roy Goodart, Prospect9's VP of Sales and Marketing, who will lead the sale's efforts of PolicyBox and I-Relay to Blue Frog's clients. "With Prospect9 and Blue Frog joining forces, the combined company will be able to advance its industry reach much further than each individual firm would've been able to accomplish on its own."
About Blue Frog Solutions:
Blue Frog Solutions, (www.bluefrogsolutions.com), based in Pompano Beach, Florida, is a leading technology solutions provider that focuses on the life, annuities and long-term care market. A financial service insurance processing firm, Blue Frog offers solutions that facilitate more insurance transactions that are compliant and In Good Order, helping drive increased business. To date more than $16 billion in deposits have been processed through Blue Frog's AFFIRM platform. Blue Frog simplifies the business of selling insurance.
The Blue Frog Solutions logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=707