Monett, Mo.-based Jack Henry & Associates Inc. announced that it has acquired Massachusetts-based Banc Insurance Service Inc. (BIS), an insurance agency outsourcer for financial institutions. Terms of the transaction were not disclosed.
BIS was founded in 1999, and currently supports the insurance distribution strategies of more than 15 financial institutions nationwide. BIS allows banks and credit unions to own a complete insurance agency solution without the significant capital investments required to build or buy an agency, or the inherent operational risks.
BIS’s outsourcing service also includes sales professionals and back-office services, including billing and claims processing.
Jack Henry & Associates primarily provides computer and ATM/debit card processing services for financial institutions. BIS President Jeffrey Chesky said cost and culture are the biggest barriers to banks’ success in insurance, which his company’s “turnkey outsourcing solution” is designed to hurdle.
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