Commerce Insurance Services Enhances Web-Based Consumer Services
Wednesday April 5, 10:36 am ET
CHERRY HILL, N.J., April 5 /PRNewswire-FirstCall/ -- Commerce Insurance Services, a wholly owned subsidiary of Commerce Bancorp, Inc. (NYSE:
CBH -
News), has introduced a new service available to customers via the commerceonline.com website. Now customers who visit the website can obtain instant term life insurance rate quotes and initiate their purchase of coverage online. The new service is being offered through a partnership with EFinancial, a nationwide, web-based life insurance brokerage.
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"In the spirit of the Commerce tradition of convenience, we wanted customers to have quick access to quotes and coverage for one of the most popular types of life insurance," said Commerce Insurance Services CEO, George E. Norcross, III.
Michael Tiagwad, Commerce Insurance's President said: "Important life stage events like a marriage, purchase of a new home, the birth of a child or planning for retirement typically trigger a number of financial services transactions which include decisions about the need for more life insurance. Typically the first question in the consumer's mind is the cost. We wanted to create a convenient shopping experience for our customers to get term insurance rate quotes - online, whenever it's convenient for them - then follow that with service provided by an exceptional team of licensed professionals to help the customer select the coverage that's right for them, finalize their application and get their coverage started."
EFinancial is a web-based insurance brokerage that has developed proprietary software "ALISS" (The Automated Life Insurance Sales System), the first product to automate nearly every step of the life insurance sales process from rate quotes through application, medical exam (when required) to the final steps of policy issuance through licensed professional insurance agents. According to Michael Burns, CIS Vice President of Life Insurance Operations, only a select number of A-rated life insurance companies' products will be offered through EFinancial's software. Mr. Burns commented, "Once again, in the spirit of convenience, we've selected a few insurance companies we believe offer great coverage at competitive prices for our online offering."
About Commerce Insurance Services
Since its inception in 1996, through strong internal growth and carefully planned acquisitions Commerce Insurance Services (CIS) now ranks #22 among the nation's top 100 largest insurance brokerages. Through a network of 14 offices, CIS serves more than 130,000 clients with nearly $1 billion in annual premium volume, conducting business in all 50 states. Commerce Insurance Services is a full-service insurance brokerage offering personal insurance, Commercial Property & Casualty Insurance, Employee Benefits and a number of Risk Management or Employee Benefit Consulting Services for larger businesses.
About Commerce Bank
Commerce Bank, "America's Most Convenient Bank," is a leading retailer of financial services with nearly 400 convenient stores in New Jersey, New York, Connecticut, Pennsylvania, Delaware, Washington, D.C., Virginia and southeast Florida. Commerce plans to build 65+ new stores and create 1,800 career opportunities in 2006. Headquartered in Cherry Hill, N.J., Commerce Bancorp (NYSE:
CBH -
News) has $40 billion in assets and, in 2005, achieved a 27% increase in core deposits, a 34% increase in net loans and total asset growth of 26%. For more information about Commerce, please visit the company's interactive financial resource center at
http://www.commerceonline.com.
About EFinancial
Founded in 2001, EFinancial (
http://www.EFinancial.net) is headquartered in Bellevue, Washington and is a nationwide life insurance brokerage working with more than 3000 independent agents. EFinancial's proprietary software "ALISS" (The Automated Life Insurance Sales System) is the first product to automate nearly every step of the life insurance sales process. EFinancial also operates an award-winning consumer website (
http://www.EFinancial.com) where Internet shoppers can compare quotes from top carriers online.
Forward-Looking Statements
The Company may from time to time make written or oral "forward-looking statements," including statements contained in the Company's filings with the Securities and Exchange Commission, in its reports to stockholders and in other communications by the Company, which are made in good faith by the Company pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995.
These forward-looking statements include statements with respect to the Company's beliefs, plans, objectives, goals, expectations, anticipations, estimates and intentions, that are subject to significant risks and uncertainties and are subject to change based on various factors (some of which are beyond the Company's control). The words "may," "could," "should," "would," "believe," "anticipate," "estimate," "expect," "intend," "plan," and similar expressions are intended to identify forward-looking statements. The following factors, among others, could cause the Company's financial performance to differ materially from that expressed in such forward-looking statements: the strength of the United States economy in general and the strength of the local economies in which the Company conducts operations; the effects of, and changes in, trade, monetary and fiscal policies, including interest rate policies of the Board of Governors of the Federal Reserve System (the "FRB"); inflation; interest rates, market and monetary fluctuations; the timely development of competitive new products and services by the Company and the acceptance of such products and services by customers; the willingness of customers to substitute competitors' products and services for the Company's products and services and vice versa; the impact of changes in financial services' laws and regulations (including laws concerning taxes, banking, securities and insurance); technological changes; future acquisitions; the expense savings and revenue enhancements from acquisitions being less than expected; the growth and profitability of the Company's non-interest or fee income being less than expected; unanticipated regulatory or judicial proceedings; changes in consumer spending and saving habits; and the success of the Company at managing the risks involved in the foregoing.
The Company cautions that the foregoing list of important factors is not exclusive. The Company does not undertake to update any forward-looking statement, whether written or oral, that may be made from time to time by or on behalf of the Company.
