New On-Line Group Insurance Marketing Product Releasedby IE-Engine Inc.; Recent Auction Results...

Business/Technology Editors

GLOUCESTER, Mass.--(BUSINESS WIRE)--Sept. 7, 2000

IE-Engine Inc. (www.insurance-engine.com) announces the release of Insurance-Engine(TM), a robust application service for group employee benefits brokers and consultants. Through Insurance-Engine, brokers, consultants,

"We have created a unique application service that streamlines the marketing of group insurance," states Brent Bannerman, Executive Vice President of Marketing/Sales for IE-Engine. "Brokers have been searching for years to find an easy-to-use, paperless application that reduces marketing and administrative time and costs, lowers premiums, and improves customer satisfaction in the group benefits marketing process. Insurance-Engine provides the solution."

The product has been created over the past year by the company's in-house team of more than 30 development and insurance industry professionals. Hosted, supported and maintained by IE-Engine Inc., the service is provided as a private label application. The product follows a patent-pending work-flow methodology, including components for RFP Building and RFP Distribution; Carrier Response; Auction and Sealed Price Discovery; Presentation & Reporting; Award Communications, and Policy Issuance.

The most recent program, carried out by UltraLink for American Airlines, included such leading insurance carriers as Pacificare, Kaiser, Healthnet, MaxiCare and HMO Blue Texas. The offering was a multi-million dollar contract for HMO medical insurance. In addition to significantly reducing the time usually involved in such transactions, the online bidding resulted in a premium savings for AA of 2.2 percent - hundreds of thousands of dollars - on its HMO premiums, and feedback from those involved indicated the process was beneficial to all, including the health carriers.

IE Engine customer Mike Rivera of UltraLink states " The process preserves the human element of negotiations, but the technology facilitates a more competitive and efficient bidding process. The success of this exchange signifies that the use of online benefit management tools is growing among non-technology companies, and that the acceptance of the Internet as a management tool, not just a source of information, is accelerating."

Carriers were equally supportive of the new Internet application. Barbara Sipe, a Pacificare Health Systems, Inc national accounts executive, explains, " Being able to download, complete and submit the required forms electronically was one of the best parts of the exchange process."

IE Engine expects to conduct more than forty auctions through 2000, and will release its Insurance-Engine 2(TM) in September 2000.

About IE Engine Inc.

Founded by insurance, technology and financial industry professionals in 1999, IE Engine's sole focus is to provide web-based solutions that streamline the marketing of group insurance. The company employs more than 30 professionals from offices in Boston, New York City, Baltimore, Dallas, Cleveland and Ottawa, Canada.