CyberComp to Expand Its Agent Base Nationwide.NEW YORK--(BUSINESS WIRE)--Sept. 27, 1999-- CyberComp, Reliance National's Internet-based workers' compensation workers' compensation, payment by employers for some part of the cost of injuries, or in some cases of occupational diseases, received by employees in the course of their work. insurance operation, announced today that it is planning to appoint another 500 independent insurance agents in the next six months. At present, nearly 1,000 agents are online with CyberComp in 43 states. "CyberComp is an established leader in e-commerce e-commerce, commerce conducted over the Internet, most often via the World Wide Web. E-commerce can apply to purchases made through the Web or to business-to-business activities such as inventory transfers. within the property and casualty insurance industry. Quality producers have been a key to our rapid growth and ongoing success. As we continue to expand, we are looking for Looking for In the context of general equities, this describing a buy interest in which a dealer is asked to offer stock, often involving a capital commitment. Antithesis of in touch with. additional agents who have a high percentage of small commercial accounts and are eager to conduct business over the Internet," said Mark H. Benson, executive vice president of CyberComp. Founded in 1997, CyberComp was the first insurer An individual or company who, through a contractual agreement, undertakes to compensate specified losses, liability, or damages incurred by another individual. An insurer is frequently an insurance company and is also known as an underwriter. to quote and bind workers' compensation coverage online. In 1998, CyberComp generated $81 million in gross premiums written When a non-life insurance company closes a contract to provide insurance against loss, the revenues (premiums) expected to be received over the life of the contract are called gross premiums written. . CyberComp had over $60 million in gross premiums in the first six months of 1999. "CyberComp has given Reliance National and our agents a distinct competitive advantage in small business workers' compensation insurance - an estimated $15 billion market in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . Agents like the ease and convenience of being able to obtain price quotes and bind coverage anytime, day or night, via the Internet. Online quoting and binding takes just a few minutes, so our producers are able to transact An earlier e-commerce system for the Web from Open Market that included order capture and secure order fulfillment using credit cards, ecash and other payment systems. It included customer service and subscription administration capabilities as well as an integrated database for reporting more business, faster and more cost-effectively. They are also able to provide better service and respond quicker to their clients," said Mr. Benson. CyberComp offers first-dollar guaranteed cost workers' compensation coverage for companies with 50 or fewer employees. CyberComp insureds are typically "Main Street" businesses, including restaurants, delicatessens, gas stations, retail stores, contractors, landscapers, printers, realtors and other local establishments. Average account size is 10 to 20 employees, and the average annual premium is $10,500 per policy, with minimum premiums as low as $1,000. Appointed agents have access to CyberComp via a password-protected web site. Agents log on to the CyberComp web site, complete the online application for their clients and receive an underwriting Underwriting 1. The process by which investment bankers raise investment capital from investors on behalf of corporations and governments that are issuing securities (both equity and debt). 2. The process of issuing insurance policies. response in less than five minutes. A sophisticated computer program, known as an expert system, determines whether a company qualifies for CyberComp coverage based on the data contained in the electronic submission. Once a customer is accepted and the quote is approved, the agent can authorize To empower another with the legal right to perform an action. The Constitution authorizes Congress to regulate interstate commerce. authorize v. to officially empower someone to act. (See: authority) the policy to be bound and issued with a few simple keystrokes. Total turnaround time (1) In batch processing, the time it takes to receive finished reports after submission of documents or files for processing. In an online environment, turnaround time is the same as response time. with CyberComp is five to 10 minutes, compared with up to two weeks using traditional means, such as phone, fax and mail. "Not only is CyberComp fast and efficient, but the coverage is priced right for the customer, and our commission structure is very competitive," said Mr. Benson. Independent insurance agents can learn more about CyberComp by visiting http://www.cybercomp.com. From CyberComp's home page, agents can go to "Contact Us" to apply online for an agency appointment. Agents who complete and submit the agency appointment application form will be contacted by a CyberComp representative in their area. CyberComp, headquartered in Lawrenceville, N.J., is part of Reliance National, a principal unit of Reliance Group Holdings, Inc. headquartered in New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. . Reliance National (http://www.reliancenational.com) provides a broad range of commercial property and casualty insurance coverages and risk management services in the United States and internationally in over 100 countries. Policies are underwritten by Reliance insurance companies and are backed by the financial strength and stability of Reliance Insurance Group, rated A- (Excellent) by A.M. Best. Reliance Insurance Group represents the consolidated property and casualty insurance operations of Reliance Group Holdings, Inc. (http://www.rgh.com). Reliance Group Holdings had total 1998 revenues of $3.4 billion, and assets at year-end of $12.8 billion. |
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