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FOR IMMEDIATE RELEASE
Insurance Marketing & Management Services (IMMS) and OinkeTM, Inc. Form Partnership to Offer Commercial Financing Through Independent Insurance Agencies
(March 29, 2001) Irvine, California - Insurance Marketing and Management Services (IMMS), the leading provider of marketing and management information to insurance professionals, and Oinke, Inc., the preeminent provider of Internet-based commercial finance solutions, have announced a strategic alliance to offer commercial financing as a value-added service to IMMS' members.
Business loans, equipment financing, and commercial real estate loans from $5,000 to $500 million can now be sourced through the IMMS Loan Center on the company's Web site (www.imms.com) and from the web sites of IMMS' member agencies. The IMMS Online Commercial Lending Marketplace, Powered by Oinke, gives borrowers access to a competitive Internet auction marketplace consisting of more than 160 lenders. Lenders whose criteria match those of the loan request bid on the borrower's financing needs. Oinke provides the auction technology behind the bidding process and offers borrowers a secure, paperless "vault" in which to upload and store their application information.
"With the 'Powered by Oinke' commercial financing solution, the IMMS Online Commercial Lending Marketplace makes the borrowing process faster, easier, and more cost effective," said Thomas Markel, CEO, Oinke, Inc. "We believe Oinke's commercial financing solution, credit assessment partners, and large lender network add economic value to companies that share our vision of next generation commercial financing. Our alliance with Insurance Marketing & Management Services builds upon our strategy of reaching qualified commercial borrowers through the trusted brands with whom they already do business."
"With the introduction of the commercial financing solution offered by Oinke, the 2,000 agency members of IMMS, (selling over $10 billion of property and casualty premiums from over 3,000 offices), will have made the first major step towards offering a full line of banking products," said George Nordhaus, Chairman of IMMS. "Financial institutions across the world are entering the insurance business. Independent agents, the backbone of the insurance distribution system since its inception, are no longer going to stand by and watch as banks, credit unions, and other financial institutions attempt to take over their business. This new offering is one big step toward helping independent agencies remain competitive in an ever-changing environment."
About Oinke, Inc.
Oinke provides the only Internet trading exchange connecting commercial borrowers with qualified lenders in a secure auction environment for commercial financing. This solution, "Powered by Oinke," is licensed to Internet-enabled companies seeking to offer commercial financing to their business customers that have recurring needs for capital. Oinke's standardized online Financial Application Summary Templates simplify the borrowing process for 75 different loan types, dramatically reducing typical loan paperwork and facilitating negotiations with a nationwide network of lenders. Oinke was the first Internet-based commercial finance company to offer Moody's Risk Management Services credit scoring reports to its customers, and has subsequently formed partnerships with Integra and Transunion.
About IMMS
Insurance Marketing & Management Services (IMMS) provides information, products, and services designed to help insurance professionals build client relationships, save time, and make money. IMMS is the leading insurance and financial services marketing organization in North America serving the Property/Casualty industry. Over the years, IMMS has used printed materials, CD-ROMs, audiotapes, conferences, and the Internet to deliver more than 200 products, services, and publications for agents, independent brokers, and insurers throughout the United States and Canada.
IMMS Chairman George Nordhaus founded the company in 1973, pioneering the concept of offering independent agencies a personalized newsletter for customers and prospects. In its first year, IMMS sold 100,000 copies of this Personal Lines newsletter. Twenty-five years later, more than 800 insurance agencies throughout the U.S. were distributing nearly three million copies of nine IMMS newsletters.
Contacts:
For IMMS
Gary Kinsinger
Gallen Associates
(310) 966-1591
kinsinger@imms.com
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