Insureon.com Providing Internet Access for National Council on Compensation Insurance

Business Wire, August 1, 2000

Business Editors & Insurance Writers

PASADENA, Calif.--(BUSINESS WIRE)--Aug. 1, 2000

Brokers/Agents and Insurers to Benefit From E-Commerce for

National Workers' Compensation Residual Market Program

Insureon.com(TM), the leading online exchange for business insurance, today initiates its new e-commerce service for the National Council on Compensation Insurance (NCCI), the nation's largest workers' compensation services provider.

NCCI, which manages residual market programs in 26 states, selected Insureon.com to provide Internet access for its Residual Market Program, which represents $300 million in premiums.

Insureon.com's Internet exchange technology provides Internet access for carriers writing workers' compensation insurance through NCCI's Residual Market Take Out Program and gives insurance brokers/agents the opportunity to access the expiration lists for prospecting purposes.

The new venue is initially available to brokers and carriers accessing Residual Market accounts in 13 states. The online paperless market facility replaces the paper-based systems currently in use by NCCI.

"Carriers are going to benefit from this fast, efficient service," stated Cliff Davis, president of Insureon.com. "We are very excited to add the NCCI Residual Market program to the Live Quote Process model currently transacting in California. The strategic alliance with NCCI allows Insureon.com to penetrate all its business models on a nationwide basis."

The alliance provides insurers and brokers/agents with NCCI's monthly residual market expiration lists at no charge. Insurers and brokers/agents interested in expiration lists can now access them directly through Insureon.com or through a hyperlink to Insureon.com on NCCI's home page at NCCI.com.

"The new alliance with Insureon.com represents a next step in NCCI's continuing effort to deliver our products and services in a more customer-friendly and expeditious manner," said NCCI President and CEO Bill Schrempf.

"By providing insurers an electronically based service for identifying and bidding on appropriate risks, NCCI will not only assist the industry with identifying business prospects, we will also serve state-based residual market pools by encouraging the de-population of such pools."

Brokers and agents can participate in the Residual Market Program by accessing the expiration list to prospect new customers. After registering with Insureon.com, insurance brokers representing qualified buyers post their business insurance requirements for quotation by insurance carriers. Carriers then provide competitive quotes for the bind order.

The service is designed to provide a more efficient business transaction for all parties in the process, with buyers receiving more cost effective insurance solutions while carriers quote only for prospects that are ready to buy, allowing carriers to extend their marketing efforts with no additional capital investment. With the time savings provided by the online process, brokers in turn are able to provide a higher level of service to their clients.

Insureon.com is the leading online exchange for transacting business insurance, bringing digital efficiency to the buying and selling of commercial accounts. Insureon.com's core business model, featuring the Live Quote Process(TM) as its defining feature, is available in California to all Insureon.com registered brokers and agents and will be rolled out in additional states with the NCCI Residual Market alliance. Registered users of the NCCI Internet-based services receive the full benefits of Insureon.com, which are detailed at the Web site.