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CUC'S Essex, Intuit's Quicken InsureMarket Combine Expertise In Online Marketing To Create Insurance Product For Banks
MOUNTAIN VIEW, Calif., and NEW YORK--Intuit Inc. (NASDAQ: INTU) and CUC International Inc. (NYSE: CU) today announced an alliance that has developed a comprehensive, Internet-based insurance sales system for banks, including a full marketing and support program.
With the SureQuote(sm) service, bank customers can receive term life rate quotes from multiple insurance carriers through multiple marketing channels: in person, working in consultation with bank branch personnel; via a toll-free call center staffed with knowledgeable insurance personnel; or on the Internet at their bank's Web site. The Internet insurance marketing system, which is based on the technology developed by Intuit for its Quicken InsureMarket marketplace, will allow bank customers to quickly shop for insurance, compare rates, then speed the application process by uploading information directly to a selected insurer.
CUC's Essex Corporation subsidiary and Intuit's insurance subsidiary, Interactive Insurance Services Corp. (IIS), designed the system to be very easy to use for the sales representative and the customer. Essex provides marketing services to banks to facilitate the sales of financial products, including annuities, mutual funds and insurance. IIS will provide the Internet technology solution that can be offered in bank branches by bank personnel working with customers, accessed through an 800 number call center operated by CUC on behalf of participating banks and integrated into a bank's own Internet site.
"We offer banks an economic alternative to the time-consuming process of investing in the infrastructure, training and marketing required to initiate and grow insurance sales for their customer base," says Kevin Crowe, Chairman of Essex. "We chose Intuit and IIS as a partner because of their demonstrated expertise in developing sophisticated online marketing capabilities in collaboration with leading, national insurers."
"This represents a 'best of breed' solution for banks," says Steven Aldrich, president of Intuit's IIS subsidiary. "Essex has a long track record of building relationships between customers and financial institutions through supplying value-added products and services. CUC is one of the world's most experienced and successful online marketers."
The new service from Essex also features an online transaction tracking capability to allow licensed bank branch personnel to closely monitor the status of all insurance applications, in order to update customers and answer questions that may arise during the underwriting process.
SureQuote includes a reference library that helps explain insurance products, and an easy-to-use needs analyzer that quickly calculates how much insurance a customer may need. SureQuote will initially offer term life insurance products, but Mr. Crowe notes that "other products, such as long-term care insurance, disability income and some property and casualty coverage can be added in the future."
SureQuote is expected to be available in the first quarter of 1998.
Participating providers at the time of launch are expected to include the Transamerica Life Insurance Companies and Lincoln Benefit Life (an Allstate Company). Shortly after launch, CNA, First Colony and American Mayflower Life (NY) are expected to be available on SureQuote.
Essex Corporation is a wholly owned subsidiary of CUC International Inc., the leading membership-based, consumer services company that currently provides approximately 71 million consumers access to travel, shopping, auto, dining, financial and other services worldwide through its more than 20 membership programs, including netMarket, Travelers Advantage, Entertainment, AutoVantage and other brands. In May, the Company announced that it would merge with HFS Incorporated (NYSE: HFS), a leading franchiser of brand-name hotels, residential real estate and car rental operations, with such well-known brands as AVIS, Days Inn, Resort Condominiums International, Ramada, Coldwell Banker and Century 21. The merger is expected to close in December.
Intuit Inc., a financial software and Web-based services company, develops and markets Quicken, the leading personal finance software; TurboTax, the best-selling tax preparation software; and QuickBooks, the most popular small business accounting software. Intuit's Quicken.com (www.quicken.com) offers a complete set of personal finance news, information, and tools, including the leading mutual fund and insurance sites. Intuit's products and services enable individuals, small businesses, and financial professionals to better manage their financial lives and businesses.
Intuit, the Intuit logo, Quicken, QuickBooks, QuickBooks Pro, TurboTax, MacInTax, ProSeries and NETworth, among others, are registered trademarks and/or registered service marks of Intuit Inc. in the United States and other countries. Quicken.com, BankNOW, Quicken Financial Planner, Quicken InsureMarket, QuickenMortgage and QuickTax, among others, are trademarks and/or service marks of Intuit Inc. or one of its subsidiaries in the United States and other countries.
CONTACT: Quicken InsureMarket:
Steve Lipson
River Communications
914-591-5599
slipson@riverinc.com
or
For Essex Corporation:
Tom Waters
Vice President, Life Insurance
212-371-0303
212-486-0535 Facsimile
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