2010 Entrepreneurial Insurance Award Winners Announced

Online, January 10, 2011 (Newswire.com) - MarketScout, in concert with Microsoft and The National Alliance for Insurance Education and Research, completed a thorough analysis of the finalists in the 2010 Entrepreneurial Insurance Awards. Finalists were selected from a wide range of leading insurers, agents, brokers, technology companies and service providers.

Finalists were split into three categories as follows:

Underwriting
• ACE Private Risk Services, Water Damage Analysis and Prevention
• Ironshore for Healthcare Liability
• Lexington Insurance Company for LexPlorations

Distribution
• Marsh USA for MarketConnect v2
• Wells Fargo Insurance Services for CyberSure
• WAHVE for Work at Home Vintage Employees

Technology
• Allied World for i-bind
• Combined Group/Brown & Brown for Quote Express
• FirstBest Systems, Inc. for AppReader
• Risk Metrics Corporation for Real Time Analytic and Geospatial Policy Mapping

Each finalist made a presentation to the panel of judges who then ranked them based upon the following factors:

1. Applicability to the insurance industry
2. Impact on the broader marketplace
3. Financial implications
4. Unique features
5. Judges discretion of other relevant factors

Richard Kerr, Chief Executive Officer of MarketScout, chaired the panel of judges who voted on winners. Mr. Kerr outlined the process by commenting, "The panel had very difficult decisions to make because all of the finalists had exceptional presentations outlining unique, innovative concepts. Any of the finalists would have been a good selection. It's long overdue for the insurance industry to step up and become more creative in product development, technological solutions and distribution concepts. Clearly, the old line insurance world is changing and those companies focusing on innovation will gain market share."

The Winners are as follows:

Underwriting
Ace Private Risk Services, Water Damage Analysis and Prevention
For a new product to help mitigate water penetration and water claims in high net worth properties.

Distribution
WAHVE, Work at Home Vintage Employees
For its network that provides agencies and carriers with the opportunity to hire skilled insurance retirees who want to supplement their retirement income by working part-time from home.

Technology
FirstBest Systems, AppReader
For it application that converts existing ACORD applications into XML compatible formats, enabling quoting, binding and issuing policies in a single transmittal.

MarketScout formed the Insurance Innovation Alliance to promote creativity in the insurance industry. Progressive underwriting, technology and distribution companies participate in the Innovation Alliance to support creativity and innovation in the insurance industry. Innovation Alliance members also help format and guide the 2011 Entrepreneurial Insurance Symposium, select finalists and winners of the 2011 Entrepreneurial Awards and generally support companies with innovations in insurance. Membership in the Innovation Alliance is by invitation only. To be considered for membership, an applicant must be nominated by a current member of the Innovation Alliance. Current members include founding member MarketScout and additional members Microsoft, The National Alliance for Insurance Education and Research, Allied World, Ironshore and Lloyd's of London.

To learn more, please contact Beth Showalter at 972.934.4264 or [email protected].