Insurance Administrative Solutions serves carriers with underwriting, policy fulfilment, servicing of policies, and processing of claims
Integrity Marketing Group has acquired Insurance Administrative Solutions (IAS), a US-based third-party administrator (TPA) for insurance carriers.
Financial terms of the transaction were not revealed by Integrity Marketing Group, which distributes life and health insurance products across the US.
Headquartered in Tampa, Florida, Insurance Administrative Solutions caters to insurance carriers with business process outsourcing that include underwriting, policy fulfilment, servicing of policies, and processing of claims.
Established in 1996, the third-party administrator serves from its locations across Florida and Georgia. With more than 300 employees, the company is said to service over $500m in premium annually.
The company is claimed to administer more than four million insurance claims annually for US families.
What the combination of Integrity Marketing Group and Insurance Administrative Solutions means to carriers
The combination of Integrity Marketing Group and Insurance Administrative Solutions is expected to provide a true turnkey product solution for carriers. Their services will cover product design and development, marketing and advertising, nationwide distribution, policy administration and back office services, and claim payment processing.
The third-party administrator will leverage Integrity Marketing Group’s platform for new product development, IT, marketing, advertising, sales distribution and also innovative technology solutions. In addition to that, agents working with the platform partners of Integrity Marketing Group will benefit from the former’s partnership by gaining access to its back office services.
Integrity Marketing Group co-founder and CEO Bryan Adams said: “We have extraordinary synergies that will make an unprecedented impact on the industry.
“Insurance Administrative Solutions is the best in the business at their craft, and Integrity recruits and supports agents selling and distributing more product than anyone else in the country.
“By working together as partners, we now have end-to-end capabilities to help carriers go to market quicker and more effectively.”
As per the terms of the deal, Insurance Administrative Solutions’ president and CEO Doug Price will be made an owner in Integrity Marketing Group.
Doug Price said: “When we looked for a partner to give us the bandwidth to support more carriers, there was no question Integrity was the best fit. With Integrity at our side, we’ll triple our growth rate and still do the exceptional job we’ve always done.
“The future of our business and our people has never been brighter.”