PRESS RELEASE: InsuranceIsland Launches Web Services for Independent Agents

February 1, 2002 – Cleveland, Ohio – Subscription-based Web Technology Increases Sales, Profits and System Provides Website, Online Rating, Quoting for Agents.  InsuranceIsland today announced that insurance agencies can subscribe to a focused website, created and hosted by the professionals at InsuranceIsland. This product meets the most pressing need of the agents by improving sales, delivering online quoting, and integrating carrier communications.

Gary K. Smith, of Gary K. Smith Insurance Agency, stated, "Our agency has had outstanding success using InsuranceIsland. The website was created and is managed by the experts at InsuranceIsland. We gain instant exposure because we are hosted on a site that is dominant in the insurance marketplace."

"The website that we implemented on InsuranceIsland launches our agency into cyberspace," noted Jim Spurlock, of Spurlock Real Estate and Insurance Agency. "InsuranceIsland is not another ASP just providing websites. This is a product that enables insurance agents to get on the Net and improve their business by using specialized web services. We are excited about our relationship with InsuranceIsland."

Every insurance agency faces the same challenge: how it can improve the process of quoting and rating policy applications while increasing customer satisfaction? Independent agents deal with multiple carriers and use a different system for each writer to handle policy applications. These constraints require agencies to employ many support staffers to handle duplicate 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.