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October 1 - 3, 2000, The Westin Providence, Providence, R.I.
InsuranceNoodle to Bind Online This Year
By David Hilgen
Online aggregator InsuranceNoodle plans to offer instantaneous binding quotes online by the end of the year, Chief Executive Officer Don Urbanciz said.
The technology being developed by InsuranceNoodle will make the company the first in the industry to offer quotes that are both instantaneous and binding, Urbanciz said. Currently, the company can provide quotes within 24 hours.
The Chicago-based company is forging ahead with its proprietary system, but it will switch to an XML (extensible markup language) platform when that becomes the industry standard, Urbanciz said. That could take up to 18 months, he said.
"Applied, SEMCI, Acord--I don't think we're going to wake up Christmas Day and that's going to be under our pillow," he said.
Urbanciz spoke at "E-Fusion: Where Insurance and Technology Converge," a conference sponsored by A.M. Best Co. held Oct. 1-3 in Providence, R.I. Full coverage of the event is available online at http://www.ambest.com/e-fusion.html.
InsuranceNoodle serves small businesses, with five to 50 employees. Those seeking coverage will receive two or three competing quotes from several carriers, including Hartford, American International Group, CNA, Zurich U.S. and St. Paul Cos.
Urbanciz said many clients will visit the company's Web site, www.insurancenoodle.com, three times before buying a policy.
Incorporated in January, InsuranceNoodle was founded by former executives of Marsh Inc. and CNA Insurance Group. Urbanciz, former president and managing director of Marsh Midwest and former CEO of Aon Midwest, joined the company in April.
Other e-broker sites include CoverageCorp.com, Charlotte, N.C.; and ePolicy.com, Torrance, Calif. | 
