Blue Frog Solutions, a US-based provider of life and annuity software and business process outsourcing services to insurance companies and financial services intermediaries, says it has received an equity investment from Pershing, the Bank of New York subsidiary, and from Security Benefit Corporation through its se2 division.
“Our new affiliation with Pershing and Security Benefit is a direct result of the successful business relationships we’ve established over the past year,” says Brad Levine, Chief Executive Officer, Blue Frog Solutions. “With this investment, Blue Frog will be able to accelerate the development of innovative new products for its insurance and broker-dealer customers, and provide them with even greater customer service and support.”
Bank of New York expects Blue Frog to provide significant benefits for Pershing’s broker-dealer and RIA customers. Its software technologies complement various annuity processing tools currently provided by Pershing and Security Benefit. In fact, as part of their affiliation, the Blue Frog Solutions technology will be integrated into Pershing’s NetExchange Pro and Security Benefit’s se2 platforms, providing their customers with a tool that streamlines order entry, provides automated forms generation capability, and supports post-transaction reporting, including compliance alerts.
In addition, says Pershing, customers will gain access to a third-party solution that will help them better manage the regulatory requirements associated with annuities and maintain the products more efficiently. The Blue Frog technology will also provide customers with improved capabilities for directing orders to the appropriate branch office for review.
“Our investment in Blue Frog Solutions reflects our commitment to supporting the growing demand for insurance products and to delivering innovative solutions for the broker-dealer community,” says Richard F. Brueckner, Chief Executive Officer, Pershing. “This investment will play an important role in the financial industry’s development of the next generation in insurance processing solutions, and help our customers address the challenges of supporting the rapidly growing annuities business.”
According to Kris A. Robbins, Security Benefit President and Chief Executive Officer, access to the Blue Frog technology will “truly make ease of business a reality.”
se2 provides business processing outsourcing (BPO) services to the US financial services and retirement planning sector.