PRESS
RELEASE:
InsuranceIsland Lands Titan
Insurance for Policy Processing in Michigan
October
24, 2001 – Cleveland, Ohio – Web
Technology Saves Agencies Money, Time; System Provides
On-line Rating, Quoting for Titan’s Agents.
InsuranceIsland.com
and Titan Insurance today announced that InsuranceIsland
has begun to provide online rating, quotations and
policy processing to Titan’s agents in the state of
Michigan. Under this agreement, Titan’s authorized
agents can access InsuranceIsland via the Internet,
retrieve quotes instantly and submit policy applications.
InsuranceIsland’s web-based technology allows agents
to process high application volumes with fewer employees,
improving productivity, turnaround time and profitability.
"We have had outstanding
success with our agents using InsuranceIsland. The
interface is easy to use and the agents’ productivity
is definitely enhanced," said Robert Yeiser,
Product Manager at Titan
Insurance.
Every insurance carrier
faces the same challenge - how can it improve the
process of quoting and rating policy applications
from independent agents? Independent agents deal with
multiple carriers and use a different system for each
carrier to handle policy applications. These constraints
require agencies to employ many support staffers to
handle duplicative 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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