CoverageConnect, an Internet-based commercial insurance marketplace for small to mid-size businesses, plans to launch its new online commercial insurance marketplace web site over the summer. The site will serve as an online insurance agent, offering users customized commercial property, general liability, workers’ compensation, commercial automobile and umbrella insurance coverage from CoverageConnect’s A rated partner insurance companies, at a commission rate 75 percent lower than that charged by traditional agents.
CoverageConnect is led by a seasoned management team, including Richard C. Kane, former president and chief executive officer of the Global Services Division of Guy Carpenter & Co., the global reinsurance brokerage subsidiary of Marsh & McLennan Companies.
Business owners as well as insurance companies are expected to benefit from CoverageConnect. Insurers will gain access to the growing population of businesses that are increasingly turning to the Internet as the preferred means of researching and purchasing insurance online. The flow of new, pre-screened customers delivered electronically from the CoverageConnect site also means that insurance companies will reduce their cost of customer acquisition and servicing.
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