PRESS
RELEASE:
InsuranceIsland.com
Moves
into Solon Office Space
June
15, 2001 – Cleveland, Ohio – Amid
Internet Company Failures, Solon-based InsuranceIsland
is Claiming Success! InsuranceIsland, a solution
provider for Independent agents and carriers, has
just purchased a 5000-square foot office space on
Bruce Industrial Parkway. Madhavan Chakravarthi, CEO,
said, "We are positioning for the implementation
of a call center and computer center that will service
carriers and agents nationwide."
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.
"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," said Malan Chakravarthi,
COO of InsuranceIsland. "Our aggressive marketing
plan calls for the addition of Marketing Executives,
sales personnel and a call center, thereby adding
50 people before next June."
InsuranceIsland
just demonstrated the power of technology and its
sophisticated product, QUILT, at the recent ACORD
conference held in Orlando, FL. "We are continuing
this momentum and will be presenting at the Independent
Insurance Agents of America IIAA Conference in Hawaii
Oct 27-30, 2001," Mr. Chakravarthi added.
The company
has an incentive program so that every one of its
management team can go to Hawaii. Everybody here goes
to Hawaii for a vacation if the sales goals are met.
The entire staff has the sales goals in front of them
and the Hawaii theme has already set in with four
more months to go.
"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
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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