Three major auto insurance carriers, American International Group Inc. (AIG), Kemper Insurance Cos., and Prudential Insurance Co., will launch an online insurance agency in the fourth quarter of 2001, the companies announced on Feb. 13.

The new site, named Fusura, will offer automobile insurance at its launch with other personal lines coverage added later. (The name is a combination of "future" and "insurance," and reflects the Latin root for fusion, the company says.)

Through Fusura.com, customers will have the ability to contact agents with questions, read background information on insurance, close transactions in real-time, and access and update their policy information online, according to Kemper spokesperson Linda Kingman. Customers will receive at least three competing quotes, one from each Fusura partner.

Other companies may enter the consortium or provide quotes on the site, says Rick Bender, acting president of Fusura. "We may have to add other brand-name carriers on a non-equity basis to cover all the bases," Bender says. "Some regional carriers, for example, who can cover areas where the three partners don't offer coverage or can't provide quotes."

AIG originated the idea for Fusura "about a year ago," Bender says, and sought other carriers with well-known brand names to join the venture. The company hopes to partner with brokerage firms, banks, and other financial institutions that will funnel their customers to Fusura for insurance quotes.