Live Oak Bank, MarketSource and Strategic Insurance Software Announce Alliance to Help Insurance Agencies Transition to Independence
WILMINGTON, NC – January 12, 2016 – Live Oak Bank (subsidiary of Live Oak Bancshares, Inc) (NASDAQ:LOB) is pleased to announce a partnership with MarketSource and Strategic Insurance Software designed to help insurance agents simplify an agency transition to independence. This includes providing access to three key components agents need to successfully become independent: market access, financing and technology.
With the amount of captive agents seeking independence on the rise, the three organizations joined efforts to provide access and information to agents on the journey to independence.
“With the market primed for agency transition to independence, we believe that a concentrated focus on tools, market access and financing will help agents more effectively facilitate these transitions,” said Mike Strakhov, Domain Expert of Insurance Lending at Live Oak Bank. “Aligning these resources in one collaborative effort makes it easier for the agents, and lets us tailor a growth plan to meet their needs.”
“We want to be sure that agents who are transitioning their agencies from captive or direct to independent have the resources they need to make that transition successful,” said Chad Eddy, CEO of MarketSource. “Since having access to markets, technology and financing will be paramount, we are collaborating to make it easy for the agents to find and work with us based on their specific needs.”
“Working with trusted partners to empower independent agents is a core value,” said Alex Deak, CEO of Strategic Insurance Software. “Through our agency management system, Partner XE, agents can support their personal and commercial lines of business in a single, secure, integrated system.”
Agents can visit GoIndieWithUs.com for information, resources and contact information for each of these groups.
About Live Oak Bank
Live Oak Bank was founded in 2008 to provide small business loans to professionals across the country looking to start or expand their businesses. Live Oak is an FDIC-insured national footprint bank and one of the largest originators of small business loans in the country. To learn more about Live Oak Bank, please visit www.liveoakbank.com/insurance.
MarketSource was founded in 2005 by independent insurance agents who needed an everyday solution to an everyday problem: gaining access to standard markets to help facilitate profitable growth for their agencies, without the burden of ever-increasing production requirements or giving up control of their businesses. Now a leading market access provider licensed to write insurance across all 50 states, MarketSource gives independent agents (“Indie Agents”) access to nearly 20 of the industry’s most respected carriers, opening doors to more opportunities so our agents can open their doors for more business. With the most agent-friendly relationship agreement in the marketplace, and solutions for growth, profitability and perpetuation, you should partner with MarketSource. To learn more about MarketSource and the Indie Agent, please visit our website at www.marketsource.biz.
About Strategic Insurance Software
Partner XE, from Strategic Insurance Software, is a comprehensive web-based agency management system designed exclusively for midsized independent agencies. Partner XE supports leading independent agents who value strong capabilities, affordability and relationships. To learn more, please visit our website: www.sisware.com.
This press release contains forward-looking statements regarding future events. These statements are only predictions and are subject to risks and uncertainties that could cause the actual events or results to differ materially. These risks and uncertainties include risks of managing our growth, substantial changes in financial markets, regulatory changes, changes in interest rates, loss of deposits and loan demand to other financial institutions, and changes in real estate values and the real estate market. Additional information concerning factors that could cause actual results to be materially different from those in the forward-looking statements is contained in the Company’s filings with the Securities and Exchange Commission. Live Oak Bancshares, Inc. undertakes no obligation to update or clarify forward-looking statements, whether as a result of new information, future events or otherwise.
Sarah Carroll, Marketing Programs Manager, Live Oak Bank
Live Oak Banking Company. Member FDIC. 2016 Live Oak Banking Company. All rights reserved.