Chicago-based Insurance Noodle has acquired XL Vianet (“Vianet”), a division of XL Specialty Insurance Company, to expand InsuranceNoodle’s capabilities and online product availability for its network of insurance agency and carrier partners. XL Vianet will be renamed InsureVianet, Inc.
InsuranceNoodle’s proprietary, Web-based technology screens risks, collects all underwriting information required by top-line carriers, and allows agencies to access them through a single entry multiple carrier interface (SEMCI) application, view proposals, and bind small commercial business insurance quotes online. InsuranceNoodle is currently used by over 3,200 independent agencies and brokers in 49 states.
Vianet’s XML-compliant Web-based system allows agency users to enter underwriting data, receive real-time proposals, initiate purchases, obtain policies and service its specialty product suite online. Vianet’s products and the system functionality will now also be available through InsuranceNoodle as a part of the relationship.
InsuranceNoodle chairman Geoff Kalish noted that “the combination of Vianet and InsuranceNoodle is a win-win solution. We now have the capabilities to develop small business niche products that are not currently available from our carrier partners, a massive distribution channel for those products and the technology to profitably deliver, underwrite and service these risks.” Kalish said that new specialty products will be made available throughout 2003 and beyond.
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