Insurance sales site InsWeb received a $30
million investment from Japanese venture capital funds managed by Softbank Group, and announced a joint venture to be named InsWeb K.K., which will offer insurance products in Japan.
“Providing insurance online has the potential to be one of the biggest
opportunities on the Internet,” said Yoshitaka Kitao, executive vice president
and chief financial officer of Softbank Corp. “InsWeb has become the clear market leader
in this space by pursuing a well-focused strategy executed by a strong
management team.”
This investment in InsWeb is the latest in a series of strategic Internet
investments by Softbank Group, which has stakes in Yahoo!, E*Trade and E-Loan, all of which are strategic partners with InsWeb.
“We’re delighted to have Softbank as one of our investment partners,” said Hussein Enan, InsWeb chairman and CEO. “Softbank is one of the Internet’s leading investors and shares our vision of the tremendous future of the Internet economy. In Japan, we see a significant opportunity to offer an Internet insurance
service to consumers, who until today, have not had that option.”
In addition to Softbank Group, InsWeb’s investors include Nationwide
Insurance; AMS Services, a consortium of leading insurance companies led by
CAN; Boston-based Century Capital; insurance broker Marsh & McLennan; and
InsWeb founders Hussein Enan and president Darrell Ticehurst.
InsWeb provides free, multiple insurance quotes from a single application form
and 26 participating carriers offering auto, term life, homeowners, renters,
individual health and short-term medical insurance.