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InsurNet, CitX Get Exclusive Contract With GE Capital

InsurNet Technologies of Philadelphia, PA, and strategic partner CitX Corp. of Quakertown, PA, said they have signed a Managing General Agent contract with GE Capital's Insurance Services division.

The contract will enable InsurNet to market GE's long-term care insurance products, such as home health care and nursing home care, exclusively to banks and their customers, via the CitX Internet-based insurance management and e- commerce system called Intrapay IEC.

"The market for long-term care is growing rapidly, due for the most part, to the aging baby-boomer generation, and GE Capital provides one of the best policies," said Bob Rose, insurance projects director for CitX. "Long-term care products are a great complement to the various retirement and investment products currently offered by banks to their customers. We believe that banks will find creative ways to bundle our long-term insurance products and Internet services, with their financial products, creating enhanced value while increasing customer retention."

The new long-term care products will be made available to participating banks and their customers, as part of an insurance marketing and management program jointly developed by CitX and InsurNet. Banks that participate in the program can generate new revenue streams without the need to hire insurance agents or make changes to their existing computer software, the companies said.

CitX provides the computers, Internet access, and the Intrapay IEC system. In addition, CitX can provide banks with Internet banking services, Internet access, and Web sites that the bank may sell to its customers.

CitX sister company, Priority One ECC of Akron, PA, will provide its Bill Collect service to collect the insurance premiums directly from the customer's bank account or credit card, on the date due, via the Intrapay IEC system.