Reverse-Auction B-2-B Insurance Site To Launch

May 31, 2000

A new e-commerce site designed to empower business executives with the ability to purchase business insurance through a reverse auction has launched. The reverse auction is fully operational and supported by several “A” rated national insurance companies.

TheinsuranceXchange.com is an industry-focused web site offering all lines of property and casualty insurance. The initial product launch will be directors and officers liability insurance for the healthcare industry. In subsequent weeks, D&O liability insurance will be available across three additional industry groups.

Other insurance products will be launched in these industry groups each month. The launch will be accompanies by a full-scale marketing push, including endorsements by major industry associations and trade groups. The company is currently in a $5 million round of funding.

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