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:

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.