INSW news
Xtremdelt8
this window.
InsWeb Marketplace Debuts in Japan
Auto Insurers Compete Online in the World's Second Largest Insurance Market
REDWOOD CITY, Calif., April 6 /PRNewswire/ -- InsWeb (Nasdaq: INSW) announced
today that InsWeb Japan K.K. -- a joint venture with SOFTBANK Finance Corp. --
has launched its online marketplace (www.insweb.co.jp) for consumers in Japan.
The new site features five leading auto insurers who compete in the world's
second-largest insurance market.
(Photo: http://www.newscom.com/cgi-bin/prnh/19990521/INSWEBLOGO )
InsWeb Japan's online marketplace enables consumers to comparison shop for
auto-insurance coverage, and access a range of interactive tools and
information on Japanese insurance matters.
"InsWeb technology now enables millions of online consumers and leading
insurance companies to do business on both sides of the Pacific," said Hussein
Enan, chief executive officer of InsWeb. "This is a powerful endorsement of
the technology platform we have built. With the leadership and support of
SOFTBANK, participating insurers and other business partners, InsWeb Japan is
off to a tremendous start in the world's second largest insurance market."
Japan's sizeable insurance business accounts for 25 percent of the world's
personal and commercial insurance premiums, according to research by Swiss
Reinsurance Company. Combined with the U.S. marketplace, the two
InsWeb-branded Internet sites cover markets accountable for 56 percent of all
personal and commercial premiums worldwide.
"InsWeb's technology and proven market performance in the United States are
well suited for our long-term efforts in Japan," said Yoshitaka Kitao,
president and chief executive officer of InsWeb Japan K.K. "We expect that our
joint venture with InsWeb and other business partners will be of tremendous
value to Japanese consumers."
Sumitomo Marine and Fire Insurance, Dai-Tokyo Fire and Marine Insurance, Mitsui
Marine and Fire Insurance, Yasuda Fire and Marine, and American Home Assurance
(a unit of AIG) are participating at InsWeb Japan today. Tokio Marine and Fire
Insurance and Axa Non-Life Insurance are expected to participate at InsWeb
Japan later this year.
InsWeb continues to expand its technology capabilities designed to streamline
the shopping and acquisition processes for consumers and insurers. Earlier this
week, InsWeb announced the use of online technology designed to place
enforceable auto-insurance coverage in the hands of U.S. consumers just minutes
after shopping among leading insurers.
About InsWeb
InsWeb ( http://www.insweb.com ) enables online consumers to compare free,
multiple quotes sponsored by 54 of the nation's leading insurers. Featuring
auto, term life, health, homeowners, renters, condo, and pet insurance, InsWeb
also provides live, 24x7 customer-service, interactive tools and research
capabilities, and is accessible from more than 180 leading sites, including
Yahoo!, MSN, Snap.com, LookSmart, and E*TRADE. InsWeb is headquartered in
Redwood City, Calif.
About InsWeb Japan K.K.
InsWeb Japan K.K. enables online consumers to compare free, multiple quotes
sponsored by five of Japan's leading insurers. The company is a joint venture
with SOFTBANK Finance Corp., InsWeb Corp., and Marsh & McLennan Companies Inc.
This news release contains forward-looking statements. It is based on current
information that we have assessed, but which by its nature is dynamic and
subject to abrupt changes. The company's actual results might differ
materially from those stated or implied by such forward-looking statements due
to risks and uncertainties associated with the company's business; which
include, but are not limited to, consumer acceptance of an online insurance
marketplace and the company's further implementation of new insurance carriers
and their product offerings. The forward-looking statements should be
considered in the context of these and other risk factors disclosed in the
company's most recent filings with the Securities and Exchange Commission.
NOTE: "INSWEB" is a registered service mark of InsWeb Corporation. All marks
above are those of InsWeb Corporation, except for those of insurance carriers,
brokers, agents, industry organizations, financial institutions, online
partners, service providers, other mentioned companies and educational
institutions, which are the marks of their respective entities.
SOURCE InsWeb Corporation
CO: InsWeb Corporation; InsWeb Japan K.K.; SOFTBANK Finance Corp.; Sumitomo
Marine and Fire Insurance; Dai-Tokyo Fire and Marine Insurance; Mitsui
Marine and Fire Insurance; Yasuda Fire and Marine; American Home
Assurance; Tokio Marine and Fire Insurance; Axa Non-Life Insurance
ST: California, Japan
IN: AUT INS MLM
SU: PDT
04/06/2000 07:00 EDT http://www.prnewswire.com
I close my eyes so that I can see,
Chris