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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