iC Group - In The News

IC Group Launches State-of-the-Art Online Rating Site for Event Cancellation/ Non-Appearance Risks

Winnipeg, MB – August 22, 2005

iC Group Inc., worldwide providers of specialty contingency insurances, announced today that version two of its proprietary online rating site for Event Cancellation/Non-Appearance risks is scheduled for release on September 15, 2005. The company will be actively promoting and selling version two of this online tool to brokers across North America as of October 2005.

The site, which under went over a year of development, enables brokers to quote, bind and issue event cancellation and non-appearance risks in real-time online. By centralizing the process of binding risks online, brokers can facilitate Event Cancellation/Non-Appearance business in a much more efficient and cost effective manner. The site has been developed to accommodate events organized by North American domiciled Assureds in almost any country around the world.

Todd Pluchinske, President of iC Group, says the online tool will revolutionize the way brokers do Event Cancellation/Non-Appearance business. “Version one had extremely prompt binding capabilities but we didn’t want to stop there. We wanted an online solution that truly addressed the costs of administering risks. Version two does just that. We’re streamlining the administration by enabling Assureds to access the site and key in the Proposal information directly for their broker. The broker eliminates standard transactional paperwork, which more deal flow for brokers using the same amount of resources. It’s a win-win,” says Pluchinske.

The customer-direct access feature works as follows:

• The broker signs-up with iC Group and is given a special access code which they give to the prospective customers (the Assured)
• The customer is provided with the web address and access code from their broker when they have an Event Cancellation/Non-Appearance risk to submit.
• The customer fills out the risk information online and issues the quotation and Certificate wording
• The broker reviews and issues the quotation and Certificate wording
• The Customer gives binding instructions and the broker can bind the risk and issue the Certificate and billing instantly.

Standard transactional paperwork is eliminated and communication or correspondence with an underwriter is only required to accommodate scenarios that fall outside standard risk parameters.

“We’re excited to go to market with this tool,” says Pluchinske. “It’s a diverse, efficient and profitable way for brokers to generate more revenue. And it’s a solution that could be applied to almost any insurance product.”

The Event Cancellation / Non-Appearance risks are underwritten by Brit Insurance Limited – a subsidiary of UK-based Brit international general insurance, reinsurance and investment Group listed in the FTSE 250. Worldwide business is written through Brit Insurance wholly owned Syndicate 2987 at Lloyd’s. Brit Insurance Limited is rated A+ (Strong) by Fitch Ratings and A (Excellent) by A.M. Best and has one of the strongest balance sheets in the sector.

About iC Group – www.icgroupinc.com

Since 1989, iC Group is a leading provider of contingency insurance to the promotion, insurance, sports and entertainment industries. Our range of specialty insurance products includes event cancellation and non-appearance insurance, contractual bonus insurance, prize and over-redemption insurance and hole-in-one insurance. iC Group’s underwriting facility provides solutions in over 60 countries and is backed by top rated insurance companies to ensure our clients are protected with the highest levels of security. iC Group specializes in developing technology solutions capable of marketing insurance products via the Internet.

Event Cancellation / Non-Appearance Rating Site

Fast Facts

The Event Cancellation / Non-Appearance Rating Site is a website that manages the quoting, binding and issuing of event cancellation and non-appearance risks online in real-time.

Features:

• Customer-direct access allows customers themselves (the assureds) to fill out the risk information online. The issuing broker reviews and submits the risk, and the risk is bound instantly.
• The website is capable of binding multiple events at one time
• The website generates Certificates in multiple languages
• A special acceptance underwriting mechanism allows the system to quickly rate proposals that do not meet automatic rating conditions through direct electronic Underwriter access
• Brokers can review risk and claims information via real-time reporting
• The website is accessible 24/7
• The website allows the broker to automatically request an amendment to a bound risk via Underwriters.
• Upon binding a quote, the website automatically issues an official Certificate and invoices to process payment
• The website is available for retail, wholesale or reinsurance business.

Benefits:

• Prompt binding capabilities – binding is done in minutes
• Cost effective administration– customer-direct access allows brokers to eliminate paperwork and generate more deals using the same amount of resources
• No communication and correspondence with an underwriter required in most cases.
• Built-in mechanisms manage situations that fall outside of standard rating conditions
• Brokers can bind multiple Event risks on one Certificate

Applications:
Examples for cancellation, non-appearance, adverse weather and various perils include:

• Events of all types
• Sporting competitions
• Trade shows & conferences
• Concerts
• Corporate functions
• Carnivals / fairs
• Weddings
• Fundraising events
• And more