AMS Discontinues TowerStreet

AMS Services, Inc, a leading provider of insurance software and services, announced the discontinuance of TowerStreet, a hosted point of sale system for insurance processing. The company stated that several indicators within the agency and exchange/integrator markets led to the determination that the goals of the product would not be achieved in a reasonable timeframe for AMS customers and investors.

“As we have been working through our realignment into market-oriented business units, it has become clearer that in addition to facing challenging economic conditions for the next several months, our customers need new products now,” said Euan Menzies, CEO of the AMS Holding Group. “This has forced us to take a hard look at our investment and delivery efforts, and resulted in the decision to end the TowerStreet initiative.”

The focus for the AMS rating business and its resources is on the development and delivery of Windows-based desktop rating solutions. “The needs of our customers are paramount and we believe we can best meet their needs by streamlining our initiatives,” commented Ed Olsen, senior vice president and general manager of rating products. TowerStreet customers will be contacted and presented options for other rating services, including the Windows-based systems.

AMS plans to leverage technology and data services developed during the TowerStreet effort within other products and services across the corporation, as it already has with AfW Online and Sagitta Online.