EquiSoft has acquired US-based Universal Conversion Technologies (UCT), which provides core integration services for life, annuity and health insurers and wealth management firms.
Terms of the deal have not been disclosed.
EquiSoft founder and CEO Luis Romero said: "With the acquisition of UCT, EquiSoft will benefit from the expertise, methodology and technology of the only insurance-specialized data migration integrator in North America."
UCT founder and CEO Dan O’Hara added: "We think EquiSoft is a high performance integrator dedicated to customer satisfaction and the best consultants in the insurance space."
EquiSoft also develops and markets two front-end applications, InsuranceElements and WealthElements, which allow insurers to differentiate their products through illustration and financial needs analysis tools.
In addition, EquiSoft is a specialized system integrator for Oracle insurance policy administration.
The firm’s data migration technology is said to reduce the risks associated with data migrations and automatically generates the audit reporting required before moving into production.
Its Data Conversion Architect is a comprehensive package of software and tools, which will help to complete the data integration projects, from project planning, data analysis, data scrubbing and cleanup, mapping, data file conversion, to balancing and reconciliation.
According to EquiSoft, the system was used to migrate around 200 systems from more than 50 different commercial and home grown systems for about 80 insurance companies.
With offices in the US, Canada, Latin America and South Africa, EquiSoft provides business services and solutions to the insurance industry.
Image: EquiSoft has Universal Conversion Technologies that offers core integration services for life, annuity and health insurers. Photo: courtesy of renjith krishnan / FreeDigitalPhotos.net.