November 2, 2000

Insurance quotes now at the curb

PITI at the curb?

The final piece of the new-house payment puzzle was supplied recently when Countrywide Insurance Services (CIS) announced its new wireless insurance program that will allow consumers to receive quotes for homeowners insurance while touring homes for sale. By knowing the insurance premium, potential homebuyers can now compute their entire house payment while at the curb in front of the new house.

Shoppers now will know the approximate amounts for loan principal, interest, taxes and insurance (commonly known in the mortgage industry as PITI) before moving on to the next home on their list.

David Espenschied, chief executive officer of Countrywide's e-Business Division, said consumers with Web-enabled cell phones could enter the home's approximate square footage, age and zip code and receive a homeowner's policy quote on the spot.

"Most of the information needed is contained on the listing form," Espenschied said at the recent Real Estate Connect conference in Santa Clara, Calif.  "If the consumer needed the coverage in a hurry, we could issue a binder immediately."

While real estate agents will eventually utilize the new application, Espenschied said the initial focus would clearly be directed toward consumers. That's because agents, with proven routines already in place to assist customers, typically want to be shown how a new wrinkle will be deserving of their time, energy and money.

"In about three years, 90 percent of all cell phones will be Web-enabled," Espenschied said. "This is the only application like it that's available now, and we certainly want to be the place consumers look for insurance coverage in the future."

CIS, (www.cwinsurance.com, 1-888-419-9752) an independent insurance company and a principal subsidiary of Countrywide Credit Industries, also offers home warranty protection and life insurance for both Wireless Application Protocol (WAP) devices and Palm Pilots. CIS, which draws from more than 50 insurance carriers, currently has more than 484,000 policies in place, representing annual premiums in excess of $210 million.

While the way of the Internet's future is paved with wireless hand-held devices, companies like Countrywide continue to marry online offerings with real-people follow-up service.

CIS, in an effort to provide a comprehensive online insurance presence while complimenting and cross-promoting its wireless application, also announced the launch of its online insurance marketplace, http://www.cwinsurance.com. Web users can now purchase homeowners and home protection plans online, obtain real time quotes for auto policies, home insurance products, life insurance and much more.

"Countrywide Insurance Services understands the importance of obtaining insurance coverage from a trusted company that provides top-quality assistance and service," said CIS President Steve Phillips. "Our newly designed Web site reflects that philosophy, and is a natural extension of the off-line strategies that have served us well for more than 30 years.

"As a member of the Countrywide family, we've designed cwinsurance.com to reflect the highly successful clicks-and-bricks strategy in place throughout the organization. Our online insurance marketplace and wireless applications incorporate the best of the high-tech, high-touch business model."

Here's an overview of the major features and functions available on cwinsurance.com:

• Life Event Planner - Provides guidance and information about insurance needs from early adulthood through retirement.

• The Basics - Each quote reveals coverage specifics about the policy.

• Online Quotes - Personalized estimates on homeowners and term life insurance, home protection plans and auto policies.

• Online Purchase  - Home owner's insurance policies and home protection plans are available via secured-transmission credit card transactions.

• Customer Service - Insurance specialists and customer service experts respond to questions and requests for further information, offering assistance when site visitors send an e-mail or call. Agents will also provide "Insurance Checkups," a review of an individual's insurance needs.

"The site goes beyond offering capabilities that are commonly found online," Phillips said. "With cwinsurance.com, we're empowering consumers.

They can access meaningful guidance specific to their lives, receive assistance with making informed decisions and obtain insurance coverage that offers the best value for their money."

Previous columns:

• Auctions enjoying new-found popularity, 10-26-2000
• Election mojo and mortgages, 10-19-2000
• IRS OKs reverse exchanges  , 10-12-2000
• New NAR economist sees lower rates ahead, 10-05-2000
• Dot-coms offer help to renters, 09-28-2000
• Helping the kids buy that 1st house, 09-21-2000
• Dorm option: Do you really want to play landlord?, 09-14-2000
• Location, location, schools, 09-07-2000