The system is already in operation at Dime Savings Bank of New York and York Federal Savings & Loan (York, PA). Institutions where the system is planned for introduction in the next 60 days are: National Bank of Commerce (Memphis, TN), Fahnestock & Company, Inc. (Kalamazoo, MI), First Tennessee Bank, (Memphis, TN), and the international holding company ABN*AMRO, through its Standard Federal, LaSalle and EAB units.

"SureQuote represents a unique solution for financial institutions because it is built around the efficiency and flexibility of an Internet system but is not limited to serving just a bank's online consumers," says Kevin Crowe, Chairman of Essex Corporation. "The SureQuote Internet capabilities can be used by a bank representative in the familiar setting of a branch to help a customer purchase insurance. The system is also designed to be used by customer service representatives at a toll free calling center, as well as offering capabilities that allow a bank to create a customized term insurance link on a bank's own web site."

Steven Aldrich, president of Intuit's insurance subsidiary, Intuit Insurance Services, Inc., (IIS) adds, "With SureQuote, a financial institution gets a full package of Internet capabilities under its own brand name. Plus, it gets the support of marketing partners Essex and IIS. Essex's record is unmatched in helping banks strengthen customer relationships by providing value-added financial service products to consumers. IIS, through its Quicken InsureMarket Web site, is continuing to develop the most advanced online capabilities in the industry for marketing insurance."

Participating insurance providers through SureQuote include: CNA, First Colony Life, John Hancock Life Insurance, Lincoln Benefit Life, and the Transamerica Life Insurance Companies.

SureQuote provides real-time rate quotes for term life insurance from multiple carriers, and it includes a full marketing support program from Essex to promote the service to an institution's customers. The online system makes available a library of information features designed to help a customer shop for and choose insurance, as well as a needs analysis to help determine the amount of insurance needed. The entire application and approval process is facilitated by the online capabilities to download application information to a selected insurer and track the transaction during the approval process.

SureQuote has been built with the idea of automating the term life insurance sales process. Once a sale has been submitted electronically, each SureQuote carrier provides for the completion of the underwriting requirements. This process reduces the follow-up needed by the licensed agent and should lead to higher placement ratios at the participating banks. "Essex specializes in building product delivery systems for financial institutions, and Intuit Insurance Services, Inc. was the ideal partner to build this with us," says Kevin Crowe. "The SureQuote technology now enables term insurance to be sold in a transactional environment that provides for consumer choice. All this is done within a few minutes."

Through a direct link to the carrier, licensed agents can access the current underwriting status of their clients. The Case Management System is updated daily and is another example of technology bringing efficiencies to the sales process. "The Case Management System is unique to this market. Our ability to provide an institution with accurate case file status, that is both timely and informative, is a critical part of our life insurance strategy," added Crowe.