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InsuranceIsland Launches Web Services for Independent
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 Real Estate and Insurance
"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."
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.
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:
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.
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’
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.
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
Founded in 1991,
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.