COLUMBUS, OHIO – August 19, 2009 – NuGrowth Solutions, a software sales and development company headquartered in Columbus, Ohio, has signed a purchase agreement to acquire Strategic Insurance Software (SIS), a subsidiary of State Auto Financial Corporation (STFC). SIS was founded in 1995 with the purpose of designing and selling agency management systems that allow independent agents to enter and process business directly with their company partners. NuGrowth has provided business development, sales and e-communications services to SIS since 2008.
NuGrowth CEO Greg Tillar explained the decision to purchase SIS was grounded in their day-to-day work with the SIS product and people. “We have appreciated being part of an organization that brings such excellence and commitment to the insurance agency marketplace. We look forward to building on that passion. With its talented staff, robust agency management platform, outstanding customer service and award-winning industry expertise, SIS is poised for continued success and quality growth.”
STFC Chairman and CEO Bob Restrepo said the sale of SIS to NuGrowth was a sound business decision on several levels. “SIS customers, many of whom are State Auto agents, will benefit from the singular focus of NuGrowth. SIS has built terrific agency management software products, but State Auto is an insurance company and that needs to be our singular focus.” Restrepo added that the inclusion of the SIS staff was an important requirement of the sale for both parties. “NuGrowth is acquiring talented people who will insure the maintenance and stability of SIS products.”
NuGrowth is a sales and business development organization founded in Columbus, Ohio, in 2000. NuGrowth partners with companies to accelerate sales performance, implement growth strategies and build equity. The NuGrowth team has managed top-line sales and bottom-line results for a host of technology and software companies ranging from zero-revenue start-ups to publicly traded global organizations.
State Auto Financial Corporation, headquartered in Columbus, Ohio, is a super regional property and casualty insurance holding company. The company markets its personal and business insurance products exclusively through independent insurance agencies in 33 states and is proud to be a Trusted Choice® company partner. STFC stock is traded on the NASDAQ Global Select Market, which represents the top third of all NASDAQ listed companies. The insurance subsidiaries of State Auto Financial Corporation are part of the State Auto Group. The State Auto Group is rated A+ (Superior) by the A.M. Best Company Additional information on State Auto Financial Corporation can be found online at www.StateAuto.com.
Las Vegas, NV (June 12, 2008) Strategic Insurance Software, Inc. (SIS), of Gahanna, Ohio, was honored with a record number of five awards – the most the company has received in one year – by ACORD during the 2008 ACORD LOMA Insurance Systems Forum, Transform Your thinking, Your processes, Your future…, held May 13-15 in Las Vegas.
SIS was honored again this year with the Outsourcer Award for The SIS Data Service product, the Web Services Award for the SIS WebLink product and the Early Forms Adopter Award for the continued early adoption of ACORD Forms standards for Partner XE. SIS also received two new awards this year: The Real-Time Implementation & Active Agencies Award and The ACORD Innovative Implementation Award. This brings the total number of ACORD awards SIS has received over the past several years to 24.
“I congratulate SIS on earning five 2008 ACORD awards and applaud the company for its continued standards leadership. SIS continues to illustrate how vital ACORD data standards are for our industry through their actions and implementations,” said John Kellington, senior vice president, ACORD.
The Real-Time Implementation & Active Agencies Award is a new AUGIE award which is presented to a single ‘Vendor of the Year’ for number of active agencies utilizing real-time Service and Sales implementations for multiple lines of business.
Another first time award for SIS, the ACORD Innovative Implementation Award, was presented for implementing XML standards in unique, exceptional and innovative way to the SIS Print Service. This award was received for the SIS Print Service product which floods ACORD XML Version 1.x data to ACORD forms as PDF streams/documents. Company Unique XML data and forms are also supported by the Print Service. This product may be installed as a COM Object or Web Service which can be hosted by SIS or the carrier.
This was the sixth consecutive year that SIS earned the Outsourcer Award. The SIS Data Service can translate AL3 to XML and vice versa with the option of carrier specific configuration. State Auto Director of Information Technology Doug Allen said “the SIS Data Service product provides the necessary plumbing and flexibility for our standard and unique translation needs. This allows us to focus on critical business functions within our agent Web portal, leading to products that are faster to market and the resulting increase in quoting activity.”
SIS continues to work diligently to adopt ACORD standards and stay in the forefront of technology, and was duly honored for the fifth consecutive year with the ACORD Early Forms Adopter Award. This was awarded to SIS for the continued early adoption of ACORD form revisions to the current version of the Partner XE agency management system. The timely implementation of form revisions is critical to insurance agents so they can meet current state regulatory demands.
About SIS
Strategic Insurance Software, Inc. provides solutions insuring success to P & C agency and carrier insurance partners. SIS is recognized as a leader in award winning applications that fully support ACORD industry standards for forms, AL3 and XML. The PARTNER XEä agency management system and carrier products by SIS are marketed nationwide through direct sales and company alliances. For additional information, contact an SIS associate at 1-800-747-7005 or email Sales@sisware.com.
