PRESS
RELEASE:
InsuranceIsland Finds
a Financial Partner
October
12, 2001 – Cleveland, Ohio – InsuranceIsland
secures undisclosed capital, advisory and business
support. InsuranceIsland
announced today that it has engaged Prim
Capital Corporation, a Cleveland-based Wealth
Management, Merchant and Investment Banking boutique,
as its financial advisor and consultant in shaping
the future direction of InsuranceIsland, a subsidiary
of 2M
Associates. 2M is an Information Technology firm
specializing in health care and insurance technologies.
In making
this announcement, Madhavan Chakravarthi, Founder
and CEO of InsuranceIsland, indicated that this engagement
of Prim Capital represents a major step forward in
his company’s history. "We have spent the past
2 years designing and developing a cost-effective
technology solution for the insurance industry - InsuranceIsland.
The relationship with Prim Capital will help us to
achieve our goals for InsuranceIsland both in North
America and internationally."
Capital.
"It's unfortunate that the collapse of the budding
dot-com insurance industry has served to mask the
true potential of the Internet industry. We are committed
to InsuranceIsland because we believe that the InsuranceIsland
platform offers the insurance industry the first true
cost-effective technology solution that will help
insurance companies, agents and brokerages to reduce
customer acquisition and underwriting expenses, enhance
the customer buying and servicing experience, and
reduce operating costs." "Prim has made
an undisclosed amount as a first round of investment
in InsuranceIsland."
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 the InsuranceIsland
corporate office in Cleveland, OH. Until now, carriers
have to ship diskettes to agents to be installed on
agent's desktop - a model of inefficiency.
InsuranceIsland is a
fully integrated technology solution for insurance
agents. With InsuranceIsland, insurance agents and
agencies can subscribe to a fully integrated Web-based
Agent Management System – online comparison quoting,
proposal systems, renewal management, policy service,
risk management, marketing campaigns, customer information
database, claims management, accounting, and more
--, a fully functional Internet home page for their
business, access to comprehensive list databases that
can be used for prospecting, a real-time insurance
quoting hub (QUILT) for
efficient communication with carriers, and customer
care (claims, renewals, policy services, etc.).
Insurance carriers can
subscribe to QUILTTM
(Quality Insurance Transactions),
which allows the carrier to "stitch" together
disconnected insurance system processes. QUILT, combined
with the InsuranceIsland infrastructure, will enable
both carriers and independent agencies to not only
share data, but to also process real-time insurance
transactions, such as quotes, renewals, new business
and other electronic communication, policy management,
claims, renewals, policy services, and an array of
hosting solutions. Mr. Chakravarthi said that he expects
QUILT to become the insurance industry communications
technology standard in a short while.
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