IAC Group and STEP Solutions Enter Into Technology Agreement

STEP Solutions Group LLC and IAC Group Inc. have entered into a technology partnership agreement, whereby STEP will manage both the technology platform at IAC and a conversion to new business and policy administration systems from STEP Solutions Life and Health. STEP says the system will enable IAC to develop a next-generation, third-party administration business for life and health products as well as a marketing capability for insurance companies wanting to sell insurance products in the bank channel.

With the capabilities STEP is providing, IAC hopes to change the fundamental way they sell insurance and streamline back office processes. STEP adds that IAC anticipates launching the partnership agreement, to be called STEP Services, in late-2011.

“We are delighted to partner with STEP Solutions and look forward to leveraging the deep technical capabilities of its staff and the STEP platform,” says Jim Harlin, CEO of IAC Group Inc. “This third-party administration solution is going to revolutionize the way we do business.”