A New Insurance Search Offering
By Mark E. Ruquet
NU Online News Service, June 6, 1:27 p.m. EST?Independent agents searching for lines of business have a new tool in their arsenal courtesy of Laguna Hills, Calif. ?based ProgramBusiness.com.
The insurance portal provider for more than two years now has run a database providing information to locate over 20,000 agents, 2,000 wholesalers and managing general agents, and reinsurance and traditional insurance companies offering specific lines of coverage.
Taking that base of contacts, ProgramBusiness has launched a new service called "Trading Floor" where agents can post single accounts and books of business for quotes by participating underwriters.
For a six-month subscription fee of $95, agents can post the accounts they are seeking coverage for, either commercial or personal lines, to the site, said Jeff Neilson, president of ProgramBusiness.
The portal has an extensive portfolio of industry sources developed from its more than two years of existence, he explained. It also offers a wide variety of listed programs.
He said new participants are signing up every month adding to the portfolio.
Agents do not have to reveal the identity of the account, and can block any carriers, MGA, or wholesaler the producer does not want to submit business to.
Underwriters who pay to take advantage of the special features offered by ProgramBusiness operate "storefronts," the company said. Among those taking part are AIG's Lexington, Hub Group's Ranger, GE Westport, Hull & Co., Norman Spencer McKernan, Americana Financial, and various MGA's of Gulf Insurance Co.
ProgramBusiness, which makes its money from the posting of "storefronts", has no financial interest in the transactions, Mr. Neilson said.
Agents who have the "storefronts" with ProgramBusiness can post their business for free.
Additional information on the site is available at www.ProgramBusiness.com.
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