AMS Acquires FinancePro; Launches Premium Finance Network

March 16, 2006

AMS Services has acquired FinancePro, a developer of Web-based premium finance solutions based in Issaquah, Wash. FinancePro provides premium finance loan management and agent quoting capabilities and is currently in use by large independent finance companies as well as MGAs and retail agencies that want to provide their own financing offerings to their customer base.

“FinancePro’s hosted services capability is tightly aligned with our strategic leadership in outsourced technology for the insurance agency business,” said Euan Menzies, president and CEO of AMS Services. “AMS looks forward to making this service available to our 30,000 hosted users and our over 100,000 in-house agency professionals.”

AMS also announced that it has launched the Prevail Network, an agent-oriented premium finance marketplace designed to provide insurance agents one-click access to multiple premium finance offerings for their financing needs. The network will enable agents to quickly find the right financing terms across the vast number of finance companies and options available.

Prevail allows agents to access a broad array of premium finance offerings from within their agency management system. Quotes come back with an integrated PDF-based agreement and agents can use the Prevail compensation UI to adjust fees and rates for the best value. Through Prevail, all agreements from all financing partners are available through a single Web site including account status information.

“The Prevail Network is an efficient Web-based marketplace of quality premium finance companies designed to give agents the best total financing experience possible for quick and easy premium financing.” said Jim Harding, senior vice president Premium Finance.

Prevail is currently integrated with CIS AIM and InStar with announcements forthcoming for AMS 360(R), Sagitta(R), and AfW(R) and Prime.

“I am personally very excited about AMS Services’ ability to quickly bring the Prevail Network and FinancePro products to the insurance value chain,” said Harry Snyder, FinancePro founder “I am confident that agencies and premium finance companies will both benefit greatly from the combination of AMS and FinancePro.”

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