InsWeb Joint-Venture Begins First Online Phase in Japan

Redwood City-based InsWeb's InsWeb Japan K.K. -- a joint venture with co-founders SOFTBANK Finance Corp. and InsWeb Corp., and Marsh & McLennan Companies Inc. -- has launched the initial phase of its online insurance site for Japanese consumers.

The site features a range of interactive tools and useful information on Japanese insurance matters.

In Spring 2000, InsWeb Japan plans to unveil its online marketplace with auto insurance offerings from seven Japanese insurance companies -- Sumitomo Marine & Fire, Dai-Tokyo Fire & Marine, Tokio Marine & Fire, Mitsui Marine & Fire, Yasuda Fire & Marine, American Home, and Axa Non-Life. Term life offerings are expected to be introduced later in 2000.

``The debut of InsWeb Japan and the extension of the InsWeb brand is a powerful endorsement for our business model and the many participating insurance companies on both sides of the Pacific,'' said Hussein Enan, chief executive officer of InsWeb. ``With the leadership and support of SOFTBANK and our other business partners, I am confident that InsWeb Japan will be very successful.''