Quotesmith.com Reports Record 24,000 Insurance Quotes in a Single Day
Quotesmith.com, Inc. (ticker: QUOT, exchange: NASDAQ) News Release - 1/5/2000
Quotesmith.com Reports Record 24,000 Insurance Quotes in a Single Day
DARIEN, Ill., Jan. 5 /PRNewswire/ -- Quotesmith.com, Inc. (Nasdaq: QUOT), the Internet-based service that provides instant insurance quotes from over 300 companies and allows consumers and small businesses to buy from the company of their choice, announced that its Web site processed a record 24,200 quotes yesterday, marking the first time that the quote volume has exceeded 20,000 quotes in a single day. This new single-day record compares to an average of 5,100 quotes per day recorded during the first three quarters of 1999 and substantially surpasses the previous daily quote record of 19,600 set on December 29, 1999.
"We believe that we have pioneered and brought to market a new way to buy insurance. Information-hungry insurance shoppers are making instant quote requests at our site in record numbers. This 24,000-quote milestone, the first such day in our history, shows that insurance shoppers want the speed, simplicity and ability to get instant insurance quotes from a wide variety of companies from Quotesmith.com without having to surf multiple Web sites," said Quotesmith.com Chairman and CEO Robert Bland.
"The insurance pricing and policy information that we publish is not available from any other single source. Our pro-consumer service allows anybody to navigate the U.S. insurance markets with clarity and confidence in seconds. We're energized to see this momentum materialize in the form of surging quote volume," Bland added.
As part of its $100 million integrated marketing campaign that has included print and radio advertisements, Quotesmith.com aired its first television commercials during college football bowl games over the New Year's weekend.
Quotesmith.com owns and operates the largest and most comprehensive insurance price comparison service in America. The Company provides guaranteed accurate, company-authorized quotes for more than 300 leading insurance companies covering several lines of insurance including auto, motorcycle, life, individual & family comprehensive medical, short term medical, small group medical, dental, small business workers' compensation, Medicare supplement, watercraft, boat, RV and annuities.
In addition to providing the widest selection of instant insurance quotes available from any single source, the Quotesmith.com site also allows visitors to purchase insurance from the company of their choice without having to deal with a commissioned salesperson. Quotesmith.com provides complete, toll-free quote-to-policy-delivery customer service through the use of insurance-experienced, in-house, salaried representatives.
Quotesmith.com is now providing instant individual term life quotes for 128 companies covering all 50 states; instant individual & family medical quotes from 45 companies covering 45 states; instant small group medical quotes for 35 companies covering 25 states; instant short term medical quotes from 9 companies covering 36 states; instant Medicare supplement quotes from 64 companies covering all 50 states; instant dental quotes from 46 companies covering all 50 states; instant "no exam" whole life quotes from 59 companies covering all 50 states and fixed annuity quotes from 84 companies covering all 50 states. The company is also providing instant automobile insurance quotes from 53 auto insurers in 47 states through click-through arrangements with Quicken InsureMarket and Progressive Corporation.
The Quotesmith.com insurance price comparison service also provides useful reference tools and educational material to assist insurance shoppers. A typical Quotesmith.com quote comes complete with two full pages of policy coverage and reference information, including published underwriting guidelines, in order to take consumer education to the max. Another unique feature is that every Quotesmith.com term life quote also shows the latest independent ratings from A.M. Best, Duff & Phelps, Moody's, Standard & Poor's and Weiss Ratings, Inc.
Quotesmith.com is committed to providing the most comprehensive and useful insurance information experience on the Internet. The Company electronically collects consumer demand for coverage and can rapidly communicate such demand directly with insurance companies in an efficient manner. The Quotesmith.com service empowers insurance buyers with near-perfect market information (including knowledge of potential savings) which is instant, easy to use, up-to-the-day accurate and not available from any other single source.
As detailed at www.quotesmith.com , the company offers visitors two unique guarantees: View the lowest term life premiums in America or receive $500 plus every quote is guaranteed accurate or receive $500 cash reward program. The company's average daily quote volume has been growing rapidly recently. During peak times the company often processes one quote request every four seconds.
Quotesmith.com completed a $63 million initial public offering in August 1999. The company's shares trade on the Nasdaq Exchange under the symbol "QUOT". Intuit Inc. (Nasdaq: INTU) owns approximately 7 percent of the outstanding stock of Quotesmith.com, Inc.
This announcement may contain forward-looking statements that involve risks, assumptions and uncertainties pursuant to the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995. This announcement may also contain forward-looking statements about events and circumstances that have not yet occurred and may not occur.
Expressions of future goals and similar expressions including, without limitation, "may," "will," "believes," "should," "could," "hope," "expects," "expected," "does not currently expect," "anticipates," "predicts," "potential" and "forecast," reflecting something other than historical fact are intended to identify forward-looking statements, but are not the exclusive means of identifying such statements.
Investors should be aware that actual results may differ materially from the results predicted and reported results should not be considered an indication of future performance. Reported Web site activity and/or quotes are not necessarily indicative of any present or future revenue.
The Company will not necessarily update the information in this press release if any forward-looking statement later turns out to be inaccurate. Potential risks and uncertainties include, among others, Quotesmith.com's limited e-commerce operating history, anticipated losses, unpredictability of future revenues, potential fluctuations in quarterly operating results, seasonality, consumer trends, competition, risks of system interruption, the evolving nature of its business model, the increasingly competitive online commerce environment, dependence on continuing growth of online commerce and risks associated with capacity constraints and the management of growth. More information about potential factors that could affect the company's financial results is included in the company's final prospectus dated August 3, 1999, as filed with the United States Securities and Exchange Commission.
This communication appears as a matter of information only and is not an insurance solicitation. Accordingly, no employee of Quotesmith.com, Inc. is recommending or endorsing any specific insurance company, coverage or policy type within this communication. Some insurance companies appear at Quotesmith.com for purely informational purposes only and pay no compensation to Quotesmith.com and some insurers pay commissions or fees to Quotesmith.com based upon premium volume or traffic activity produced by Quotesmith.com. Quotesmith.com is not an agent for all insurers shown at www.quotesmith.com . Quote availability by state of residence or any other factor is subject to change without notice.
Quotesmith.com is a service mark of Quotesmith.com, Inc. All other names are trademarks of their respective owners. Published by South Dakota agent #333509159, California agent #0827712, #OA13858, UT #90093. California and Utah dba Quotesmith.com Insurance Services.
SOURCE Quotesmith.com, Inc.
CONTACT: Neal Bailen of Ketchum Chicago, 312-228-6830, or firstname.lastname@example.org, for Quotesmith.com, Inc.; or Will Hemsworth II of Quotesmith.com, 630-515-0170, ext. 213, or email@example.com/