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.