LOS ANGELES, May 24 /PRNewswire/ -- Leveraging its multi-million
investment in the insurance industry's most extensive Web platform,
Answer Financial Inc. has agreed to expand its business into Europe by
licensing its platform to the European Internet insurance and financial
services marketplace through a new alliance with Vebnet Ltd.
"The agreement with Answer Financial catapults our two companies into the
position to lead online sales and service of insurance and financial products
to employees and affinity group members throughout Europe," said
Gerry O'Neill, chief executive officer of Vebnet. "AFI offers us an
enormously robust engine already integrated with call center technology that
will allow us to service millions of customers immediately at launch."
"We've spent four years and millions of dollars building the definitive
Web platform that enables informed consumer choice among a vast array of
insurance and financial service products in all 50 states," noted Alan Snyder,
president and CEO of AFI Inc. "Vebnet will take our technology and know-how
to the European market where groups wish to provide their members with
information and products to allow them to better control their family's
In return for licensing its platform and providing technical support to
Vebnet, AFI will be paid licensing and transaction fees, as well as have an
equity stake in Vebnet.
Mirroring the Answer Financial employer and affinity group model, Vebnet
will offer a range of insurance and financial products to European consumers
as voluntary benefits through employers and affinity groups. Initially, the
company will focus marketing efforts on the United Kingdom, Germany and
France. The product line will include home, auto, health, life, personal
accident and travel insurance. Launch is scheduled for early next year.
Answer Financial provides its service to more than 15 million employees
and affinity group members in all 50 states in the USA. The company's
platform and integrated call center offer sophisticated comparison engines to
provide side-by-side quotes on insurance products, personalized projections of
an individual's or family's insurance and financial planning needs, and
easy-to-understand, detailed information including the equivalent of more than
5,000 pages of needs assessment and product related content.
The alliance between Vebnet and Answer Financial was facilitated by
Response Systems International (RSI), which specializes in the design,
marketing and direct marketing of financial services throughout Europe,
North America and Australasia. As strategic marketing partner of Vebnet,
RSI will play an ongoing role in the design and implementation of products and
"The strategic partnership between Vebnet and Answer Financial is an
important step towards the empowerment of European consumers," said
Mel Gottlieb, chairman of RSI. "Employees and members of affinity groups will
now be able to benefit from increased choice and improved customer value on a
wide variety of financial products," he added.
Vebnet was founded in July 2000, with Cross Atlantic Capital Partners, a
leading venture capital firm based in London, as a major investor. The
principals of Vebnet have many years of experience throughout Europe in
building and operating banking and financial services businesses. Vebnet's
core objective is to provide technology and services to support the sale of
financial products as employee and non-employer affinity-group benefits.
These products include car, home, life, travel, health and accident and other
insurance, investment and savings products which are available as voluntary
benefits or as part of a company's flexible benefit program. Vebnet provides
the origination and administration technology to support the sale of these
products which will be made available over the Internet and via an integrated
About Answer Financial
Answer Financial Inc. features auto, home, life, health, dental, long-term
care and personal accident insurance, as well as annuity products; prepaid
legal services; home warranties; vision and prescription discount plans;
online banking; travel protection, pet insurance; and more through
www.answerfinancial.com and affiliated Web sites. The company offers access
to 175 top-rated national providers through intranets, the Internet and by
toll-free phone. Services are provided to members of sponsoring employer and
affinity groups. Answer Financial also licenses its technology platform to
selected third parties appropriate for insurance and financial services sales.
For further information, please contact: Rick Terrell or Kevin Balak for
Answer Financial Inc., 310-458-1224, firstname.lastname@example.org; or Gerry O'Neill,
CEO of Vebnet Limited, CBC House, 24 Canning Street, Edinburgh, EH3 8EG,
Great Britain, +44 131 272 2708, email@example.com.
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SOURCE Answer Financial Inc.