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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 Lands Titan Insurance
for Policy Processing in Michigan
October 24,
2001 – Cleveland, Ohio – Web
Technology Saves Agencies Money, Time; System Provides
On-line Rating, Quoting for Titan’s Agents.
InsuranceIsland.com and Titan Insurance today announced
that InsuranceIsland has begun to provide online rating,
quotations and policy processing to Titan’s agents in
the state of Michigan. Under this agreement, Titan’s
authorized agents can access InsuranceIsland via the
Internet, retrieve quotes instantly and submit policy
applications. InsuranceIsland’s web-based technology
allows agents to process high application volumes with
fewer employees, improving productivity, turnaround time
and profitability.
"We have had outstanding success with our agents using
InsuranceIsland. The interface is easy to use and the
agents’ productivity is definitely enhanced," said
Robert Yeiser, Product Manager at
Titan Insurance.
Every
insurance carrier faces the same challenge - how can it
improve the process of quoting and rating policy
applications from independent agents? Independent agents
deal with multiple carriers and use a different system
for each carrier to handle policy applications. These
constraints require agencies to employ many support
staffers to handle duplicative 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:
Integrated 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.
List Data Prospects:
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’ marketing
campaigns.
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.
Founded in 1991,
2M Associates
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.
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