InsWeb Marketplace Debuts in Japan
6 April 2000
InsWeb Marketplace Debuts in Japan INSWEB.COM LOGO iNSWEB.com logo. (PRNewsFoto)[DM] REDWOOD CITY, CA USA 05/21/1999Auto Insurers Compete Online in the World's Second Largest Insurance Market REDWOOD CITY, Calif., April 6 InsWeb announced today that InsWeb Japan K.K. -- a joint venture with SOFTBANK Finance Corp. -- has launched its online marketplace (http://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.