Insurance Revolution Inc. Launches Second Wholly Owned Subsidiary

November 19, 2001

Insurance Revolution Inc., the parent company of InsureHiTech, announced that it has launched a second wholly owned subsidiary, Insurance Revolution Technology Inc. (DBA IR Technology Inc.). As the technology segment of Insurance Revolution, IRTechnology now holds all of the technology assets once under InsureHiTech. IRTechnology now licenses the platform, as well as provides integration services to insurance carriers, brokers, and agency management systems providers.

According to founder and CEO, Rick Maloy, Jr., InsureHiTech, a specialty property and casualty insurance broker for emerging growth and technology companies, the solution is unique because it was built by insurance professionals with both the carrier and the broker experience. “Our unique XML based operating platform provides insurance agents connectivity to multiple insurance companies coupled with enhanced workflow processing bringing great efficiency to the work force of both sides of the equation,” Maloy stated. “In addition, we have worked intimately with ACORD and six major insurance companies for the past two years to make sure we understand their needs for data exchange and they understand ours. This is a massive collaborative effort that will redefine the workflow of the commercial insurance industry.”

InsureHiTech initially planned to launch IRTechnology in Q1 2002, but well-defined vision and IT talent accelerated the plans by six months.

Maloy added that by creating IRTechnology, Insurance Revolution removes the technology burden from InsureHiTech and enables the business to focus on providing risk management and insurance placement services, which will enable the company to reach profitability within the next few quarters. InsureHiTech’s continued growth and momentum has redefined how an insurance agency can operate and its efficiencies from additional workflow processing enhancements continue to add to the bottom line.

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