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InsuranceIsland has the largest number of public records for
your insurance underwriting and Risk Management
Yes, you
have a Choice
with InsuranceIsland
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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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