ATLANTA--(BUSINESS WIRE)--May 14, 1999--
HomeCom Communications, Inc. (Nasdaq:HCOM), a provider of Internet software solutions for the financial services industry, announced today an agreement with Progressive Insurance to provide online automobile insurance quoting, underwriting and payment using InsureRate(tm), HomeCom's insurance product platform for the financial services industry. This agreement marks the first nationwide automobile insurance contract for HomeCom and InsureRate, a milestone in technological achievement.
Tim Higham, president of InsureRate, said, "Progressive is a major player in the auto insurance industry and has solid name recognition. It provides policyholders with innovative policy service, outstanding claims service and, in most states, a 100% online process from initial application to payment."
"HomeCom's relationship with Progressive will allow us to provide nationwide access to auto and motorcycle insurance quotes for consumers. Our financial clients helped identify the need for and design of our auto and home insurance strategy. This is the first step in delivering that strategy," Higham continued. This new service will start the first of July.
According to Nathaniel Leonard of Progressive's Strategic Alliances business unit, "Progressive is committed to providing consumers with choices as to when, where and how they shop for, buy and own their auto insurance policies. We are pleased to provide HomeCom's customers with online access to auto and motorcycle insurance through the InsureRate system."
"HomeCom's ability to make our products and capabilities available to a broad range of financial institutions through its innovative distribution strategy and technology is exciting," Leonard added. "We have been pleased with our results on the Internet to date and look forward to great things in the future through our relationship with InsureRate."
Through HomeCom's acquisition of First Institutional Marketing Inc. (FIMI) earlier this year, banks can use several levels of support services for their insurance sales efforts. FIMI teaches banks how to sell and position insurance, and through their call center they offer complete back-office servicing and outbound calling services.
Dave Frank, executive vice president and COO of FIMI, a recent HomeCom acquisition, said, "InsureRate now provides our clients with a low-cost vehicle to sell a wide range of insurance products. Using HomeCom's InsureRate, our bank clients will be able to provide complimentary insurance quotes to consumers applying for auto loans as well as sell them auto insurance. Our clients' customers will be able to purchase their own auto insurance from the bank's branded version of InsureRate at their convenience. Progressive Insurance is a big brand name and they offer competitive rates. We are excited about this relationship."
HomeCom's insurance delivery system for financial institutions, InsureRate, is recognized as a leading insurance quotation and delivery system. InsureRate allows consumers direct access to a superstore of insurance products and services through branded institutional versions. Financial institution clients can receive product information and quotes, as well as apply for coverage, via the Internet.
About Progressive
Progressive Auto Insurance (NYSE:PGR), headquartered in Mayfield Village, Ohio, is one of the nation's largest auto insurers. In business since 1937, the company provides all drivers with competitive rates and innovative services designed to make it easy to shop for, buy and own their insurance policies. Progressive provides policyholders with 24-hour services over the phone, the Internet and through more than 40,000 Independent Insurance Agents throughout the United States and in Canada. Progressive companies writing auto insurance consistently receive high ratings from A.M. Best Company, an independent firm that rates the financial strength and performance of auto insurers, assuring customers of the relative strength and stability of the insurer.
For more information on Progressive contact Leslie Kolleda at 904/947-5158 or email leslie_kolleda@progressive.com. Visit the company's Web site at www.progressive.com.
About HomeCom
HomeCom Communications, Inc. specializes in Internet application solutions for the financial services market, providing all of the professional services and technology necessary to develop and integrate an online marketplace. In addition, HomeCom offers several products and services designed for e-commerce in the financial services industry, which include Personal Internet Banker(tm) (PIB), Harvey(tm), InsureRate(tm), and its Internet Security Services Division. In May 1998, HomeCom was selected by ZD Internet Magazine as one of the Top 20 Internet consulting firms in the country.
For more information about this announcement or HomeCom, call Carolyn Hall at 888-HOMECOM, ext. 186 or visit the company's Web site at www.homecom.com. For investor relations call 888-HOMECOM, ext. 122 or IR@homecom.com.
Certain of the statements included in this press release constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21 E of the Securities Exchange Act of 1934, as amended. The company notes that a variety of factors could cause the company's actual results and experience to differ materially from those expressed in these forward-looking statements.
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