InsWeb Marketplace Debuts in Japan

Redwood City, CA-based InsWeb says that InsWeb Japan -- a joint venture with SOFTBANK Finance Corp. and Marsh & McLennan Companies -- has launched its online marketplace (www.insweb.co.jp) for consumers in Japan. The site features five auto insurers.

The online marketplace enables consumers to comparison shop for auto-insurance coverage, and provide access to a range of interactive tools and information on Japanese insurance matters.

``InsWeb technology now enables millions of online consumers and leading insurance companies to do business on both sides of the Pacific,'' said Hussein Enan, chief executive officer of InsWeb.

Japan's insurance business accounts for 25 percent of the world's personal and commercial insurance premiums, according to research by Swiss Reinsurance Company. Combined with the U.S. marketplace, the two InsWeb-branded Internet sites cover markets accountable for 56 percent of all personal and commercial premiums worldwide.

``InsWeb's technology and proven market performance in the United States are well suited for our long-term efforts in Japan,'' said Yoshitaka Kitao, president and chief executive officer of InsWeb Japan

Sumitomo Marine and Fire Insurance, Dai-Tokyo Fire and Marine Insurance, Mitsui Marine and Fire Insurance, Yasuda Fire and Marine, and American Home Assurance (a unit of AIG) are participating at InsWeb Japan today. Tokio Marine and Fire Insurance and Axa Non-Life Insurance are expected to participate at InsWeb Japan later this year.