INSURANCEPARTNERSHIPS.COM LAUNCHED; HELPS FIND MARKETS AND ADD ACCOUNT ROUNDING CAPABILITIES USES TURNKEY SOLUTIONS AND STATE-OF-THE-ART TECHNOLOGY
CHICAGO, IL -- (SEND2PRESS NEWSWIRE via PRNetwire) -- May 13, 2002 -- Insurance Partnerships Consulting, Inc. has launched its web site, www.insurancepartnerships.com, to help companies (insurance brokers/carriers, agent groups, financial planners, large associations, and financial services companies) interested in forming online strategic partnerships to sell more insurance products and services, add account-rounding/servicing capabilities, and improve overall client retention rates.
Although the online world of insurance represents less than 1% of total insurance premiums today (a $800 billion market in the U.S. alone), that number is expected to continue to rise. Reasons include the recent spike in insurance rates (sparking new interest in finding alternatives through the internet), the ability to aggregate quotes on a regional basis (and in some cases, national basis) now, and the improvement of online tools and help (using a "best practices/critical planning" approach to buying online to assist the customer throughout the process.)
In fact one recent study indicated that over 60% of consumers are now researching their auto policies online before making a decision. Ironically, agents may stand to benefit the most, as they already have well-established relationships with individuals and small businesses and likely won’t have a creditability issue (as other entrants into the insurance industry might.) Agents can also use this new technology to streamline many of the backend processes that are currently handled manually (including marketing accounts), and deliver better and more cost effective service to their customers.
As this balance of power (knowledge) shifts from brokers and carriers to consumers, the potential of the Internet is great: it empowers consumers to become more educated about all their insurance options, including the ability to identify companies that are reputable with strong balance sheets/claims paying ability, have good products that meet their needs, and make it easy to do business with them by allowing them to do it at their own time and convenience.
While the Internet can be a great value for the consumer, it also has the potential to be a big growth driver for the companies that understand how to market to them. Insurance Partnerships Consulting can help guide you through that process by helping define your goals, then work with you to find the right strategic partner (based on your unique needs), that makes a good fit with your corporate culture/brand and way of doing business, as well as help structure the deal under the right terms (terms can vary significantly from contract to contract.)
In short, we try to structure "win-win" deals that are mutually beneficial for all parties involved in part by making sure each party is adequately compensated ("incentivized") for it to be successful and sustainable, and build long-term shareholder value.
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