PRESS
RELEASE:
InsuranceIsland.com Launches
Product, Service for Agents and Carriers
April
15, 2001 – Cleveland, Ohio – InsuranceIsland
Redefines carrier and agent relationship, providing
an integrated system. Every insurance carrier
faces the same challenge - how to improve the process
of quoting and rating a policy through independent
agents. Independent agents deal with multiple carriers
and have to use carrier specific systems to process
a policy.
In direct
response to this decades old problem, InsuranceIsland
provides complete integration to carrier rating systems
and a Web-based agent management system hosted at
InsuranceIsland's corporate office in Solon, OH. Until
now, carriers have had to ship diskettes to agents
to be installed on the agents' desktop, a model of
inefficiency.
"The
last ten years have seen the evolution of Insurance
carriers deploying websites with the intent to sell
insurance to customers online," quoted Madhavan
Chakravarthi, former Manager of Progressive Insurance
and CEO of InsuranceIsland.
However,
only 2% of all insurance sold in the U.S. in 1999
was bought over the Internet. Consumers spend a great
deal of time conducting research over the Internet,
but are still reluctant to purchase insurance off
the Web. Instead, they prefer to call an agent armed
with all the information that they have collected.
InsuranceIsland
was formed by the founders of 2M Software Associates,
an Information Technology consulting firm located
in Cleveland. 2M has been serving the insurance and
health care companies for over ten years. In addition,
InsuranceIsland principal consultants have over 30
years of combined insurance experience.
InsuranceIsland
is a product and service for insurance agents and
carriers providing unparalleled optimization to rate
and issue policies on-line and real time. InsuranceIsland
provides an array of services
to agents and carriers.
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