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This is a two-part case. Two alumni of Babson College''s MBA programme start an on-line insurance information company, an idea initially developed at Babson''s Business Development Hatchery. They are convinced they can streamline the industry''s tradition-bound methods for issuing policies and certifications. The potential for profits appears to be substantial since the traditional insurance company is extremely inefficient, with expenses consuming 37% of premiums, of which 12% is for the distribution of the paperwork. The young entrepreneurs struggle to find the appropriate business model. Options considered include becoming on-line insurance agents or licensing their technology to existing insurance companies, brokers and other financial intermediaries. Eventually the founders decide that the Global Risk Exchange Internet platform will provide large corporate insurance customers with on-line competitive quotes from top-tier insurance companies and tools to simplify the reporting of claims and the acquisition of insurance certificates. The teaching note includes strategies for case presentation, key concepts, solutions to the assignment question and suggestions for the most effective ways to work this case into a course.