New Strategic Alliance With Vebnet Takes Answer Financial Inc.'s Technology Platform Into Europe
- Multi-Million Dollar Licensing Agreement Validates Breadth
And Depth of AFI's Proprietary Technology -
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 financial health." 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 services. "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. About Vebnet 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 call center. 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. MAKE YOUR OPINION COUNT - Click Here http://tbutton.prnewswire.com/prn/11690X82023724
SOURCE Answer Financial Inc.
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