Blue Frog Solutions, a provider of life insurance and annuity order management and compliance solutions, has acquired the Insurance Online Network (ION), a web-based multi-carrier term insurance platform.
ION was created in 2005 by Life Alliance, a joint venture of wholly-owned subsidiaries of The Hartford Financial Services Group, and Protective Life.
Blue Frog intends to continue support to current ION customers and to introduce the platform to its Affirm for Annuity customers later in the year. The company said that it is also working with a select group of insurance manufacturers to ensure that the system continues to provide choices from multiple carriers.
Dan Smith, CEO of Blue Frog, said: Moving into the life space is a logical extension of our annuity success. In fact, we estimate that Blue Frog will have more than $10bn worth of annuity transactions on the platform this year. Our focus is on streamlining complicated processes for both distributors and insurance carriers to enable them to more effectively reach and service their customers.