SOURCE: Insureon


February 08, 2012 11:00 ET

Ted Devine Appointed CEO at Leading Online Business Insurance Agency Insureon

Former Top Aon Executive Joined by New Team Targeting Micro-Business Market

DALLAS, TX--(Marketwire - Feb 8, 2012) - Insureon, the leading online business insurance agency for small and micro-businesses, today announced that its Board of Directors has appointed Ted Devine as Chief Executive Officer, effective immediately. Insureon sells insurance directly to small businesses, with particular expertise serving micro-businesses, those with 10 or fewer employees, through its and brands. Devine is based in Insureon's new Chicago office.

Devine had previously served as a senior executive at Aon Corporation, the world's largest insurance brokerage firm with offices in 123 countries. At Aon, Devine held consecutive assignments in leadership roles at the company's two largest divisions, most recently as President of Aon Risk Services (more than $5 billion in revenue and 28,000 global employees) and prior, as CEO of Aon Re (more than $1 billion in revenue). Earlier, Devine was a Director at McKinsey & Company, where he spent 12 years working to improve the performance of Fortune 500 companies.

In addition, Insureon announced several other senior management appointments, including Jared Kaplan as Chief Financial Officer and Senior Vice President, Product Excellence; Don Norton, Chief Technology Officer; Chase Nichols as Senior Vice President, Sales and Marketing; and Lou Friedmann as Senior Vice President, Strategic Partnerships and Customer Excellence. The new leadership team joins Insureon founder Jim Cochran. Mr. Devine succeeds Darren Beck, who has left the company to pursue other opportunities.

"The micro-business economy is huge and growing fast, so this is a very exciting time to join Insureon," said Devine. "Already today, 31% of the labor force is self-employed -- some 40 million Americans -- and by 2019, this will rise to 40% of all American workers. With Insureon's innovative technology and personalized service, no company is better positioned to help these micro-businesses buy commercial lines insurance."

J. Michael Cline, Managing Partner of Accretive LLC, the private investment firm holding a significant stake in Insureon, said, "This is a huge win for Insureon: Ted Devine brings exactly the kind of strategic vision, industry expertise and relationships that the company needs to succeed. Bolstered by this new team of senior management -- talented and experienced professionals in finance, product development and marketing -- all of the pieces are now in place for Insureon to add extraordinary value to micro-businesses across the nation."

"I have never been more excited about our prospects as we aggressively target the insurance needs of the microbusiness market," said Jim Cochran, Insureon's founder.

Insureon has over 20,000 customers and had new business growth in 2011 of 25%. The company serves the needs of virtually all industry segments, such as management consultants, technology firms, restaurants, accountants and architects, and is supported by leading insurance company partners including The Hartford, CNA, ACE, XL, Philadelphia, USLI and others.

"With so many of our customers just starting up, Insureon does more than insure businesses," added Devine. "We protect entrepreneurs' dreams and financial futures."

About the Management Team

Jared Kaplan, CFO and Senior Vice President, Product Excellence, joins the company from Accretive, LLC, where he led that firm's investment in Insureon, among others. Prior to Accretive, Kaplan served as an Investment Banking Financial Analyst at Goldman, Sachs & Co. in the Technology, Media and Telecommunications Group. He serves on the boards of Insureon and AlphaStaff.

Don Norton, CTO, is responsible for managing the overall product direction and execution for Insureon and all associated insurance brands. He has more than 16 years of web development experience, having previously worked at several companies, including LendingTree, where he was responsible for building and optimizing four different web sites and managing development teams across three locations.

Chase Nichols, Senior Vice President, Sales and Marketing, joins the company from LendingTree, where he served as Director, Offline & Brand Marketing for the past six years, including managing that company's national marketing and media efforts. Nichols has more than 15 years of marketing experience in a variety of roles.

Lou Friedmann, Senior Vice President, Strategic Partnerships and Customer Excellence, was head of marketing at online broker optionsXpress, where he helped grow the company from start-up through a successful public offering. During this time, optionsXpress acquired customers more rapidly and cost-effectively than any other online broker. Friedmann has more than 20 years of marketing and entrepreneurial experience.

About Insureon

Insureon is the leading online business insurance agency for small business, with special expertise serving the fast-growing micro-business sector, which includes the self-employed and companies with 10 or fewer employees. Insureon allows small and micro-businesses to apply for insurance and receive multiple quotes from leading insurance carriers online, completing in minutes a process that otherwise would take a week or longer to complete.

Insureon is headquartered in Dallas, TX, with offices in Chicago and New York. In New York, business is conducted as Business Insurance Now Agency; in Nebraska, Nevada, New Hampshire and New Jersey, business is conducted as BIN Insurance Holdings, LLC; and in California business is conducted as BIN Holdings Insurance Agency, LLC. For further information, please visit TechInsurance and Business Insurance Now.

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