ChannelPoint Acquires p.d.,q. Division From GE Financial Assurance.COLORADO SPRINGS Colorado Springs, city (1990 pop. 281,140), seat of El Paso co., central Colo., on Monument and Fountain creeks, at the foot of Pikes Peak; inc. 1886. It is a year-round resort and a booming military, technological, and commercial city. , Colo.--(BW HealthWire)--Nov. 3, 1999-- ChannelPoint, Inc., the first Internet exchange See IXP and NAP. provider for insurance, today announced that it has acquired p.d.,q., a Virginia-based unit of First Colony Life - a GE Financial Assurance company. Operating since 1983, p.d.,q. is a dominant player in agency management software for life insurance broker general agents. Current p.d.,q. offerings are used by nearly 200 general agencies representing more than 100,000 active life insurance agents, generating $2 billion in new business annually and $14 billion in total book of life premiums. The terms of the agreement were not disclosed. Colorado-based ChannelPoint, a leader in re-engineering re-engineering - The examination and modification of a system to reconstitute it in a new form and the subsequent implementation of the new form. http://erg.abdn.ac.uk/users/brant/sre. the historically paper-based insurance industry with Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the applications, will continue to maintain the p.d.,q. operation in Lynchburg, VA after moving the business to a new office complex. "The acquisition of the p.d.,q. product line is a huge win for both our customers and for ChannelPoint," said Ken Hollen, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of ChannelPoint, Inc. "Our customers will benefit from the latest in e-commerce e-commerce, commerce conducted over the Internet, most often via the World Wide Web. E-commerce can apply to purchases made through the Web or to business-to-business activities such as inventory transfers. technology designed to help agencies maximize their sales opportunities and gain competitive advantage. And ChannelPoint can now aggressively launch its presence in the life insurance segment with the tremendous expertise that the p.d.,q. employees bring to our team." Broker general agencies using p.d.,q. products are able to connect electronically with more than 20 national carriers to manage critical agency business functions including application processing, broker appointment and licensing tracking, commission accounting and reconciliation, and online status of policies and applications. ChannelPoint will continue to support and enhance the existing p.d.,q. product line, and integrate these functions over time with its web-based Internet exchange - bringing life insurance agencies into the Internet economy The Internet Economy refers to conducting business through markets whose infrastructure is based on the Internet and World-Wide Web. An Internet economy differs from a traditional economy in a number of ways, including: communication, market segmentation, distribution costs, and price. with the latest online tools that will help them manage and grow their businesses. "We fully expect this to be a seamless transition for our customers," said Frank T. Gencarelli, BGA (Ball Grid Array) A popular surface mount chip package that uses a grid of solder balls as its connectors. Available in plastic and ceramic varieties, BGA is noted for its compact size, high lead count and low inductance, which allows lower voltages to be used. channel leader for GE Financial Assurance's Independent Brokerage Group. "We are confident ChannelPoint will provide all of our p.d., q. customers, carriers and agencies with best-in-class insurance automation tools." About ChannelPoint, Inc. ChannelPoint is the world's leading e-commerce technology provider for insurance and benefits companies. The company's e-commerce solutions are used by world-class insurance organizations to conduct business electronically with their distribution partners and customers through unique, web-based buying, selling and shopping environments. By leveraging the ChannelPoint Internet exchange, these companies can dramatically streamline distribution processes, increase sales and offer superior customer service. ChannelPoint is headquartered in Colorado Springs, CO. For more information, visit http://www.channelpoint.com. Note to editors: This release contains forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. that may involve known and unknown risks, uncertainties and other factors that may cause actual results and performance to be materially different from any future results or performance suggested by these statements. ChannelPoint, ChannelPoint Commerce and ChannelPoint Insure Insure can mean:
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