Insurance software provider Vertafore, has acquired QQ Solutions, Inc., a provider of agency management systems and a comparative rater offering. The move expands Vertafore’s portfolio of agency management systems and rating products and further expands Vertafore’s rating capabilities in Texas and Florida, according to the company.
QQ currently offers a SaaS (software as a service) cloud-based agency management system nationwide and a personal lines rater that is available primarily in Florida and Texas.
Guy Weismantel, VP of marketing for Vertafore, says the move is a way for Vertafore to enhance its technology offerings to small-to mid-size agencies that are looking at investing in agency managing systems but do not have the resources or budget to develop their own.
“[QQ] does a lot of the same things that we do but tends to do them in a different segment of the market than us. Their sweet spot is small and mid-sized agencies and their product is very easy to get set up,” says Weismantel. “This really appeals to small agencies who are just getting started and currently doing things manually.”
QQ Solutions is headquartered in Deerfield Beach, Fla., and has been owned by Mark Malis and his wife Candace for more than 27 years, primarily focusing on personal lines agency products.
Weismantel added the QQ Solutions Catalyst platform agency management system is able to be setup online and requires no contract, which he said is important to the smaller agency segment.
“This way, they don’t have IT costs because all of the information is in the cloud but they still get a true agency management system,” he said.
Vertafore’s AMS360 product tends to be more attractive to larger agencies, Weismantel added, so the acquisition will help the company address agencies of all sizes and price points. The cost of QQ’s services will depend on the size of the agency.
QQ Solutions also offers a comparative rating system that is primarily focused on Texas and Florida, where it has numerous partnerships with niche-focused carriers. Weismantel says the acquisition will complement Vertafore’s existing personal lines product and give customers access to these non-standard carriers in those states as well.
Vertafore plans to keep the QQ Solutions name as it has already established brand equity in the small- to mid-size independent agency space, said Weismantel. He added the acquisition will help Vertafore grow this market further.
“We see this as the fastest growing segment of the independent agent channel with people forming new agencies and their books of business picking up again,” he said. “There is a lot of momentum in this space and the acquisition allows us to fill out our portfolio.”
Vertafore’s suite of agency management systems already in their portfolio, in addition to the AMS360 management system, includes the Vertafore Agency Platform cloud-based solution, and Sagitta management system. The addition of QQ Solutions will provide agencies an additional choice for their business, the company said.
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