TORONTO - John B. McCoy, who stepped down as chairman and chief executive officer of Bank One Corp. late last year, has joined the board of InsLogic, an online insurance service.
InsLogic's Web site offers a way for "brand owners" such as banks, real estate agents, auto and boat dealers, insurance brokers, and Web portals, to search for insurance for their customers.
For example, said Terry Banks, a company spokesman, a real estate agent could use the InsLogic site to get up to 12 insurance quotes for a customer.
Mr. McCoy said in an interview that he likes InsLogic's platform "and the direction they are going in."
"I'll try to help them," he said.
"The sale of insurance on the Internet is inefficient," Mr. McCoy said. "A number of companies offer quotes or other services, but none of them are incredibly successful."
He added: "We sold a lot of insurance products at Bank One, and there is an obvious blending in the financial services industry, so this is a good position for me."
Mr. McCoy, who had transformed an Ohio bank into a giant with a nationwide presence, left it after a series of earnings disappointments. He is also on the boards of Freddie Mac, the telecommunications company SBC Corp., and Corillian Corp., a provider of Internet financial services software.
InsLogic operated in Canada for five years before entering the U.S. market in March. It obtained a $30 million investment from Warburg Pincus, Marsh & McLennan Capital, and majority shareholder Onex Corp. in connection with the launch. The company also opened its U.S. headquarters, in Columbia, Md.
