PRESS
RELEASE:
InsuranceIsland Launches
Web Services for Independent Agents
February
1, 2002 – Cleveland, Ohio – Subscription-based
Web Technology Increases Sales, Profits and System
Provides Website, Online Rating, Quoting for Agents.
InsuranceIsland today announced that insurance
agencies can subscribe to a focused website, created
and hosted by the professionals at InsuranceIsland.
This product meets the most pressing need of the
agents by improving sales, delivering online quoting,
and integrating carrier communications.
Gary
K. Smith, of Gary
K. Smith Insurance Agency, stated, "Our
agency has had outstanding success using InsuranceIsland.
The website was created and is managed by the experts
at InsuranceIsland. We gain instant exposure because
we are hosted on a site that is dominant in the
insurance marketplace."
"The
website that we implemented on InsuranceIsland launches
our agency into cyberspace," noted Jim Spurlock,
of Spurlock
Real Estate and Insurance Agency. "InsuranceIsland
is not another ASP just providing websites. This
is a product that enables insurance agents to get
on the Net and improve their business by using specialized
web services. We are excited about our relationship
with InsuranceIsland."
Every
insurance agency faces the same challenge: how it
can improve the process of quoting and rating policy
applications while increasing customer satisfaction?
Independent agents deal with multiple carriers and
use a different system for each writer to handle
policy applications. These constraints require agencies
to employ many support staffers to handle duplicate
paperwork and other related chores. By using the
Web to provide quotes and policy processing in real
time, InsuranceIsland cuts out layers of cost at
the agency level and drives significant increases
in profitability.
"During
the last ten years, the insurance industry has explored
using websites to sell insurance to customers online,"
explained Madhavan Chakravarthi, CEO and co-founder
of InsuranceIsland. Mr. Chakravarthi, who worked
on the team that launched Progressive Insurance’s
initial website in 1990, added, "However, only
2 percent of insurance policies sold in the United
States are purchased over the Internet. Consumers
want the comfort of dealing with agents. Our system
enables agents and their customers to benefit from
the speed and cost reductions that the Internet
provides."
InsuranceIsland
provides the following services to agents and carriers:
Integrated
Agent Management System (IAMS): Until
now, agents have been using PC-based agent management
systems with carrier specific updates. IAMS provides
a web-based interface, allowing agents to manage
customers, quote and rate policies online, thereby
eliminating re-posting of data multiple times. This
web-based system eliminates the use of diskettes
in installing and upgrading software in agent offices.
List
Data Prospects: Registered
agents and carriers can go online to purchase lead
data based on demographics and other factors. As
a result, there is no need to wait for data for
days to prepare a campaign. InsuranceIsland can
prepare campaign letters and mailing to the prospects,
effectively providing a one-stop solution that supports
agents’ marketing campaigns.
Carrier
Hosting Services: InsuranceIsland
caters to carriers of all sizes, hosting specific
products to improve agent-carrier processes and
lower underwriting costs. Carriers can benefit from
credit reports and MVR from InsuranceIsland through
hosting or purchasing outright.
Carrier
Value-Added Business Services: Carriers
benefit from InsuranceIsland consulting services,
which include campaign management and measurements,
policy management, claims and underwriting. InsuranceIsland’s
technology can automate and speed the rate revision
process for carriers, improving their responsiveness
to rapid changes in market conditions.
Founded
in 1991, 2M
Software Associates and its subsidiary, InsuranceIsland.com,
provide cutting-edge information technology solutions
to the insurance industry. InsuranceIsland provides
online systems, customized solutions and consulting
services to agencies and carriers on a national
basis. Customers rely on InsuranceIsland technology
to improve their sales production, service and profitability.
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