EverQuote, Inc. Launches Health Insurance and Renters Insurance Verticals
Jun 26, 2019, 08:00 ET
CAMBRIDGE, Mass., June 26, 2019 /PRNewswire/ -- EverQuote, Inc. (NASDAQ: EVER), a leading online insurance marketplace in the U.S., today announced the expansion of its marketplace to include health insurance and renters insurance, building on the existing auto, home and life insurance marketplace offerings.
By expanding its marketplace, EverQuote continues to use data and technology to make finding insurance easy and more personal, saving consumers and insurance providers time and money. From first-time renters to baby boomers eligible for Medicare, EverQuote helps consumers at all stages of life as it seeks to become the destination for insurance shoppers and providers.
EverQuote's health insurance marketplace
Health insurance and Medicare are complex products with multiple policy choices that can be confusing. As more internet-savvy consumers age into Medicare, they are looking for online sources to research and find insurance. According to a recent eHealth Medicare Online Enrollment Trends study, 22% of all Medicare Advantage and Medigap enrollments occurred online in the fourth quarter of 2018, compared to 13% in the fourth quarter of 2017, an increase of 69%.
EverQuote's health insurance marketplace helps consumers navigate the complicated process of purchasing a non-employer provided health or Medicare plan by connecting them to the right insurers via online or offline options.
EverQuote's health insurance marketplace launch is in advance of the annual Open Enrollment periods in the fall.
EverQuote's renters insurance marketplace
EverQuote's renters insurance marketplace benefits shoppers who are interested in easily shopping for insurance protection for their personal property. EverQuote will help shoppers find options, connect with insurance providers, and save money on renters insurance.
Based on consumer surveys, drivers who purchased a new auto insurance policy through EverQuote saved an average of $610 per year*, and EverQuote expects to help consumers get the right coverage for them and find savings in these new verticals as well.
"We are excited to launch the health and renters insurance verticals as we continue to play a growing role in empowering consumers to better protect life's most important assets, and the inclusion of health and renters insurance are both natural extensions of our insurance marketplace for consumers and providers," said Seth Birnbaum, CEO and Co-Founder of EverQuote.
Consumers can access the new options at EverQuote.com.
Safe Harbor Statement
Any statements in this press release about future expectations, plans and prospects for EverQuote, Inc. ("EverQuote" or the "Company"), including statements about future results of operations or the future financial position of the Company, including financial targets, business strategy, plans and objectives for future operations and other statements containing the words "anticipates," "believes," "expects," "plans," and similar expressions, constitute forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including: (1) the Company's ability to attract and retain consumers and insurance providers using the Company's marketplace; (2) the Company's ability to maintain or increase the amount providers spend per quote request; (3) the effectiveness of the Company's growth strategies and its ability to effectively manage growth; (4) the Company's ability to maintain and build its brand; (5) the Company's reliance on its third-party service providers; (6) the Company's ability to develop new and enhanced products and services to attract and retain consumers and insurance providers, and the Company's ability to successfully monetize them; (7) the impact of competition in the Company's industry and innovation by the Company's competitors; (8) the Company's expected use of proceeds from its initial public offering; and (9) other factors discussed in the "Risk Factors" section of the Company's most recent Quarterly Report on Form 10-Q, which is on file with the Securities and Exchange Commission. In addition, the forward-looking statements included in this press release represent the Company's views as of the date of this press release. The Company anticipates that subsequent events and developments will cause the Company's views to change. However, while the Company may elect to update these forward-looking statements at some point in the future, the Company specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing the Company's views as of any date subsequent to the date of this press release.
About EverQuote
EverQuote operates a leading online insurance marketplace in the U.S., connecting consumers with insurance providers. The company's data & technology platform matches and connects consumers seeking to purchase insurance with relevant options from the company's broad direct network of insurance providers, saving consumers and providers time and money. EverQuote was founded with the vision of applying a scientific, data-driven approach to help consumers find the best price and coverage for their individual insurance needs.
For more information, visit EverQuote.com and follow on Twitter @EverQuoteInsure.
*Savings amount based on a countrywide survey of users from November 2018 to April 2019 who reported old and new premiums and who reported the same or better coverage with their new policy.
Investor Relations Contact:
Brinlea Johnson
The Blueshirt Group
212-331-8424
Or
Allise Furlani
The Blueshirt Group
212-331-8433
SOURCE EverQuote, Inc.
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