Brea, Calif. - ChoicePoint and The Hartford Financial Services Group Inc. have co-led a $20 million strategic investment that funds the expansion of XDimensional Technologies Inc. in the independent insurance agency market. Additional terms of the transaction were not disclosed.XDimensional's flagship product, Nexsure, is an agency management Internet service for the insurance industry. Nexsure is designed to put information at the fingertips of agents and carriers, delivering a progression of the entire customer/policy life cycle for any and all lines of business, from first contact, to submission, to sale and to in-force policy service.
The addition of ChoicePoint as a strategic investor with representation on the board of directors further strengthens XDimensional's position in the marketplace.
"For almost a century, ChoicePoint has been a trusted source and leading provider of decision-making information that helps reduce fraud and mitigate risk. Combining that experience with The Hartford's almost two centuries of insurance and investment wisdom provides XDTI with invaluable strategic support," says Michael Walther, CEO of XDimensional Technologies.
"As we bolster our leadership position in the insurance industry, ChoicePoint continues to seek out revolutionary products that accelerate distribution of our core services to the independent agents and brokers," says Jeffrey Glazer, vice president of ChoicePoint's Insurance Services group. "We are particularly excited about the functionality of the Nexsure product and the opportunity to join The Hartford and XDimensional in creating true real- time integrated solutions for the agency market."
Ray Sprague, The Hartford's senior vice president of strategic business development, says, "The Hartford is committed to the value of technology in supporting efficient agency-company transactions. As such, we are very enthusiastic about our relationship with XDimensional. An excellent example of the possibilities for increased workflow efficiency is the recently announced Nexsure XML integration with The Hartford ExpressWay, which provides seamless data-sharing between The Hartford's personal lines quotation system and Nexsure. With ChoicePoint as an investor, we are exploring seamless integration opportunities between Nexsure and ChoicePoint's Insurity and Priority Data products."
Nexsure is available throughout the United States and is endorsed by the Council of Insurance Agencies and Brokers and the Michigan Association of Insurance Agencies.
Source: XDimensional Technologies Inc.
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