Online insurance marketplace ePolicy (www.epolicy.com) recently formedwholly-owned subsidiary Insurance Technology Solutions (ITS, atwww.insurancetechnologysolutions.com)to provide Web-based technology to automate critical carrier andproducer activities for small commercial and professional liabilitypolicies.

ITS has separately branded this technology “the RQBI Solution”because it enables insurance companies to rate, quote, bind,receive payment, and issue policies online in real time. EPolicyclaims this reduces costs of delivering small commercials andprofessional liability insurance.

“Insurance companies and producers want to take full advantageof the Internet and its tremendous cost-savings and efficiencies,but they're concerned about the time and financial commitment todevelop their own technology,” said ePolicy CEO Don Martin. “ITSoffers the opportunity for carriers to substantially reduce costs,increase revenue, and provide a better solution for their agentsand brokers.”

ITS hosts and operates the RQBI Solution for its clients, whichdon't need to purchase and maintain hardware or software. ITS saidit will customize the platform to meet specific business processesand product requirements for each client. According to ITS seniorvice president Rick Ulmer, carriers receive the benefits of alow-cost Web solution, system flexibility to meet individualproduct and process needs, and an online insurance distributioncapability that can be up and running in several months.

Martin said carriers can have increased growth potential bycreating cross- and up-sell opportunities and the ability toattract new producers because of the capability of providingaccurate pricing and ease of use.