Leading Digital Insurance Marketplace Announces Strong Business Momentum Despite the Google Compare Shutdown

CoverHound sees rapid company growth, major strategic partnerships, as well as high consumer demand

Feb 25, 2016, 09:00 ET from CoverHound

SAN FRANCISCO, Feb. 25, 2016 /PRNewswire/ -- CoverHound, the leading digital platform for comparing and purchasing insurance, today announced record-breaking business results, despite the Google Compare shutdown.

Q1 business has far exceeded CoverHound's expectations. The company is experiencing 117% premium growth quarter to date year-over-year. As a technology company which focuses on fast quote execution, it delivered over 428,000 customer quotes from nearly 30 leading carriers on its platform, with real-time rates executed in a matter of seconds. Over the past 12 months, the company also made a significant improvement to its overall Net Promoter Score (NPS), up by 32% to 78, one of the highest scores in financial services. 

"When it comes to digital insurance shopping, customer experience is everything. Insurance shoppers are always looking for the most accurate rates and for a seamless, complete transaction," said Keith Moore, chief executive officer at CoverHound. "That's why our business model is key to achieving high customer satisfaction."

As the leading quote and policy fulfillment partner to Google Compare, CoverHound delivered impressive business results over the past year, providing very strong conversion rates due to its consistent fulfillment process and mobile capabilities, as well as a high NPS rating of 81 from Google Compare shoppers.

"We think the Google Compare shutdown is a smart move by Google and something we fully support. It will give them time to retool its consumer product efforts and deliver a better customer experience," said Moore. "This change will not directly impact the positive momentum in digital insurance shopping."

In light of successful Series B and C funding rounds in 2015 that totaled $47.7 million led by leading global insurance companies, CoverHound tripled its headcount to nearly 100. Amid marketplace disruption, CoverHound recently signed partnerships with leading companies in the automotive, real estate, and finance verticals. The CoverHound team is excited to integrate with these new partners, continue to improve customer experience for auto and property insurance, and launch small business insurance later this year. With its multi-line strategy and focus to deliver the industry's best customer experience, CoverHound is positioned to grow exponentially in 2016.

About CoverHound:
CoverHound is an online platform for comparing and purchasing insurance, built to deliver fast, accurate and actionable rates from leading US carriers based on your specific needs. Some of the top carriers include The General, Esurance, Progressive, 21st Century, Safeco, Infinity, Mercury, Kemper, Travelers, The Hartford, MetLife, and others in 48 states to offer consumers the most competitive rates. Developed by a team with deep insurance and online financial services experience, CoverHound is dedicated to providing the best in class customer experience. For more information, visit CoverHound.com.

Media Contact:
Sparkpr for CoverHound
Christa Fogleman
coverhound@sparkpr.com
415-321-1896

 

SOURCE CoverHound



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