Magazine article American Banker

Fiserv Software Deal Aids Bank Agency Line

Magazine article American Banker

Fiserv Software Deal Aids Bank Agency Line

Article excerpt

Fiserv Inc.'s purchase Friday of insurance compliance software from Minneapolis-based financial technology provider Wolters Kluwer Financial Services will bolster its presence in the bank insurance market as banks look to address regulatory concerns, according to Fiserv exec Terry Wade.

"We were already in the [bank insurance] marketplace, and we're always looking for opportunities to gain leverage in the marketplace," said Mr. Wade, the president of the Fiserv Insurance Solutions subsidiary in Cedar Rapids, Iowa. "Banks are a large component of the insurance industry."

Financial terms of the deal were not disclosed. The acquisition is of software from Wolters Kluwer subsidiaries CT Insurance Services and CCH Wall Street that will help bank insurance businesses ensure that they are meeting compliance requirements, Mr. Wade said. The two subsidiaries remain part of the Minneapolis company.

The technology provides online insurance licensing and securities registration services along with an NASD exam preparation course.

Bank insurance units have been requesting such services in light of increased regulatory pressure, Mr. Wade said, largely in response to an investigation by the Securities and Exchange Commission and National Association of Securities Dealers that found unscrupulous variable annuity sales practices in the industry. The regulators expressed concern that brokers were taking advantage of senior citizen customers who did not fully understand annuity contracts' nuances. …

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