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PRESS RELEASE: InsuranceIsland Finds a Financial Partner

October 12, 2001 – Cleveland, Ohio – InsuranceIsland secures undisclosed capital, advisory and business support.  InsuranceIsland announced today that it has engaged Prim Capital Corporation, a Cleveland-based Wealth Management, Merchant and Investment Banking boutique, as its financial advisor and consultant in shaping the future direction of InsuranceIsland, a subsidiary of 2M Associates. 2M is an Information Technology firm specializing in health care and insurance technologies.

In making this announcement, Madhavan Chakravarthi, Founder and CEO of InsuranceIsland, indicated that this engagement of Prim Capital represents a major step forward in his company’s history. "We have spent the past 2 years designing and developing a cost-effective technology solution for the insurance industry - InsuranceIsland. The relationship with Prim Capital will help us to achieve our goals for InsuranceIsland both in North America and internationally."

Capital. "It's unfortunate that the collapse of the budding dot-com insurance industry has served to mask the true potential of the Internet industry. We are committed to InsuranceIsland because we believe that the InsuranceIsland platform offers the insurance industry the first true cost-effective technology solution that will help insurance companies, agents and brokerages to reduce customer acquisition and underwriting expenses, enhance the customer buying and servicing experience, and reduce operating costs." "Prim has made an undisclosed amount as a first round of investment in InsuranceIsland."

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 the InsuranceIsland corporate office in Cleveland, OH. Until now, carriers have to ship diskettes to agents to be installed on agent's desktop - a model of inefficiency.

InsuranceIsland is a fully integrated technology solution for insurance agents. With InsuranceIsland, insurance agents and agencies can subscribe to a fully integrated Web-based Agent Management System – online comparison quoting, proposal systems, renewal management, policy service, risk management, marketing campaigns, customer information database, claims management, accounting, and more --, a fully functional Internet home page for their business, access to comprehensive list databases that can be used for prospecting, a real-time insurance quoting hub (QUILT) for efficient communication with carriers, and customer care (claims, renewals, policy services, etc.).

Insurance carriers can subscribe to QUILTTM (Quality Insurance Transactions), which allows the carrier to "stitch" together disconnected insurance system processes. QUILT, combined with the InsuranceIsland infrastructure, will enable both carriers and independent agencies to not only share data, but to also process real-time insurance transactions, such as quotes, renewals, new business and other electronic communication, policy management, claims, renewals, policy services, and an array of hosting solutions. Mr. Chakravarthi said that he expects QUILT to become the insurance industry communications technology standard in a short while.

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