PRESS RELEASE: InsuranceIsland.com Launches Product, Service for Agents and Carriers

April 15, 2001 – Cleveland, Ohio – InsuranceIsland redefines carrier and agent relationship, providing an integrated system.  Every insurance carrier faces the same challenge - how to improve the process of quoting and rating a policy through independent agents. Independent agents deal with multiple carriers and have to use carrier specific systems to process a policy.

In direct response to this decades old problem, InsuranceIsland provides complete integration to carrier rating systems and a Web-based agent management system hosted at InsuranceIsland's corporate office in Solon, OH. Until now, carriers have had to ship diskettes to agents to be installed on the agents' desktop, a model of inefficiency.

"The last ten years have seen the evolution of Insurance carriers deploying websites with the intent to sell insurance to customers online," quoted Madhavan Chakravarthi, former Manager of Progressive Insurance and CEO of InsuranceIsland.

However, only 2% of all insurance sold in the U.S. in 1999 was bought over the Internet. Consumers spend a great deal of time conducting research over the Internet, but are still reluctant to purchase insurance off the Web. Instead, they prefer to call an agent armed with all the information that they have collected.

InsuranceIsland was formed by the founders of 2M Associates, an Information Technology consulting firm located in Cleveland. 2M has been serving the insurance and health care companies for over ten years. In addition, InsuranceIsland principal consultants have over 30 years of combined insurance experience.

InsuranceIsland is a product and service for insurance agents and carriers providing unparalleled optimization to rate and issue policies on-line and real time. InsuranceIsland provides an array of services to agents and carriers.