For a lot of different reasons I would buy ELEC here...gpg...this today:
eLEC Communications Corp.'s affiliate, RiderPoint,
Inc., announces expansion of its comparative
insurance rater, RiderPoint IQ, to Indiana and
Wisconsin
NORWALK, CT--(BUSINESS WIRE)--Dec. 1, 1999--RiderPoint, Inc., an affiliate of eLEC Communications Corp.
(NASDAQ:ELEC - news), announced today the expansion of coverage into Indiana and Wisconsin for its online comparative
insurance rater, RiderPoint IQ. The rater, located at www.riderpoint.com, provides consumers with the ability to comparatively
shop for and buy their insurance at one location, without the hassles traditionally associated with purchasing specialty insurance.
The design and format of the product allows insurance agents to have access to specialty lines and carriers on their desktop
computers.
``Our expansion of coverage into additional states with our comparative insurance rating software demonstrates that RiderPoint
is ahead of its development schedule,' said Craig Gironda, RiderPoint's President and CEO. ``With Indiana and Wisconsin
online, RiderPoint IQ can currently rate in four states. During the next two months we will expand coverage into additional
states, which will provide coverage in states that represent 80% of the motorcycle insurance market.'
Gironda continued, ``We have demonstrated that our underlying database is properly designed and constructed, simplifying the
process of adding additional states and additional insurance carriers. We will be extending our insurance rating model to include
personal watercraft, snowmobile, and all-terrain vehicles early next year.'
Paul Riss, CEO of eLEC, stated, ``We are very pleased with how easy it is to expand this product to additional states and with
the abilities our Web team has demonstrated by utilizing Internet technology in the insurance market. The RiderPoint site
already compares favorably to other Internet sites that provide motorcycle insurance quotes, such as Quotesmith.com
(NASDAQ:QUOT - news) and Insweb (NASDAQ:INSW - news). These sites require more than fifteen minutes to apply for
a quote and the Quotesmith site sends the consumer to the motorcycle insurance site for Progressive Insurance (NYSE:PGR -
news), where the consumer receives a quote from only one insurance carrier. Most consumers will be able to enter the required
information on RiderPoint's site in less than one minute and they will typically receive quotes from several carriers.'
eLEC Communications Corp. is a publicly traded local telecommunications company that is taking advantage of the
convergence of the current and future competitive technological and regulatory developments in the Internet and
telecommunications markets through the integration of its telecommunications and Internet services. The company provides an
integrated suite of communications services to small and medium-sized business customers, including local, long distance,
dial-up access, dedicated access, and Web site design and hosting, and has served as an incubator for emerging growth
companies in the telecom and Internet sector.
This release contains forward-looking statements that involve risks and uncertainties. The Company's actual results may differ
materially from the results discussed in the forward-looking statements. Factors that might cause such a difference include,
among others, availability of management; availability, terms, and deployment of capital; the Company's ability to successfully
market its services to current and new customers, generate customer demand for its product and services in the geographical
areas in which the Company can operate, access new markets, negotiate and maintain suitable reseller and interconnection
agreements with the incumbent local exchange carriers, and negotiate and maintain suitable vendor relationships, all in a timely
manner, at reasonable cost and on satisfactory terms and conditions, as well as regulatory, legislative and judicial developments
that could cause actual results to vary in such forward-looking statements.
This communication appears as a matter of information only and is not an insurance solicitation. Accordingly, no employee of
eLEC Communications Corp, RiderPoint, Inc. or RP Insurance Agency, Inc. is recommending or endorsing any specific
insurance company, coverage or policy type within this communication. Insurance companies appear at RiderPoint.com for
purely informational purposes and pay commissions or fees based upon premium volume or traffic activity produced by
Riderpoint.com. RP Insurance Agency, Inc. is not an agent for all insurers shown at www.riderpoint.com. Quote availability by
state of residence or any other factor is subject to change without notice.
Contact:
Craig Gironda, CEO RiderPoint
203/750-1000, ccg@riderpoint.com
or
Paul Riss, CEO eLEC
203/750-1000, phriss@elec-corp.com |
