American International Group, Kemper Insurance Cos. and Prudential Insurance Co. of America plan to jointly establish a web-based insurance agency that will allow consumers to research, buy and manage personal lines insurance.
The venture is named Fusura, which will offer an end-to-end solution to brokerages, retail banks and other financial institutions, media companies, and other organizations that have leading personal finance web properties.
Fusura will help these organizations provide their customers and users with brand name products. The venture will initially offer automobile insurance, and expects to later offer additional personal lines insurance and financial services products.
Through the Fusura.com site, consumers will be able to choose products from these and other insurance carriers through an efficient and personalized process not currently available on the web. The site will feature technologies to help consumers define their risk-planning needs, learn about the various product offerings, and access needs analysis tools to determine which products are best for them.
In addition, the site will allow consumers to purchase and download insurance policies to their personal computers. The founding companies will each have partial ownership in the new company, which will operate independently from the founding insurance carriers.
The senior management team of the new entity is currently being assembled. The founding companies will continue to operate and develop their respective websites, in addition to their participation in this venture. The transaction is subject to the completion of definitive agreements and the receipt of all necessary approvals.
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