State Farm and InsWeb Form Partnership to Provide Consumers Auto Insurance Quotes in Most States
15 September 1997
State Farm and InsWeb Form Partnership to Provide Consumers Auto Insurance Quotes in Most States
Deal Represents Largest Expansion of InsWeb's Auto Insurance Program; Momentum
Grows for Internet Insurance Marketplace
SAN MATEO, Calif., Sept. 15 -- State Farm Insurance, the
nation's largest auto insurer, and InsWeb, the Internet's leading insurance
technology provider and insurance marketplace, announced a nationwide
agreement today that enables consumers to obtain an auto insurance premium
quote from a State Farm agent in most states in the nation.
State Farm, which underwrites almost one-quarter of all auto insurance in
the United States, will participate in InsWeb's insurance marketplace, which
allows consumers to obtain a quote from a State Farm agent in two business
days by filling out an electronic application at http://www.insweb.com.
The agreement has national significance because it gives consumers far
more opportunity to get brand-name auto insurance quotes. At the same time,
the agreement adds momentum to the Internet insurance marketplace by adding
the country's largest auto insurer to the increasing number of carriers
participating in InsWeb's program.
"State Farm's partnership with InsWeb reflects the growing importance of
the Internet as a sales and distribution opportunity for our 17,000 agents,"
said Chuck Wright, State Farm agency vice president. "Working with InsWeb
gives our agents the latest technological tools to serve our customers
and to expand our business."
InsWeb Chief Executive Officer Hussein Enan said: "Our partnership with
State Farm demonstrates the growing support for the Internet insurance
marketplace among the nation's preeminent insurance companies and the value of
InsWeb's leading technology in reaching an expanding number of on-line
insurance consumers. This is another milestone in creating a worldwide
Internet insurance marketplace, where on-line consumers have easy access to
credible, trusted companies and agents from which to shop and meet their
insurance needs."
Enan noted that the State Farm agreement represents the largest expansion
of InsWeb's auto insurance supermarket since the company was founded in 1995.
Previously, InsWeb provided auto quotes to consumers in 27 states and now
offers quotes in 47 states.
The State Farm partnership is the latest in a series of agreements that
InsWeb has completed in 1997. In July, American International Group (AIG),
the fourth-largest property/casualty insurer in the U.S., teamed up with
InsWeb to offer e-mail auto quotes in 25 states. In June, American Express
began delivering e-mail quotes to consumers in California, Utah and Colorado.
In April, TIG Holdings Group began offering e-mail auto quotes in California.
And in January, Nationwide, the sixth-largest property/casualty insurer, began
offering quotes to consumers in California, Utah and Texas.
About State Farm
State Farm Mutual Automobile Insurance Company of Bloomington, Ill., is
the largest insurer of homes and autos in the United States. State Farm has
69,000 employees and 17,000 agents working in the U.S. and Canada. More
information about the company can be found at http://www.statefarm.com.
About InsWeb
InsWeb Corporation of San Mateo, California, is an electronic commerce
company that has created the largest and most comprehensive Internet insurance
marketplace in the world through its leading edge technology. InsWeb
facilitates on-line insurance transactions by connecting buyers and sellers of
insurance at the company's website, http://www.insweb.com.
SOURCE InsWeb Corporation
