Quotesmith.com Releases Top 10 Most Popular Term Life Companies for December
Quotesmith.com, Inc. (ticker: QUOT, exchange: NASDAQ) News Release - 1/20/2000
Quotesmith.com Releases Top 10 Most Popular Term Life Companies for December
DARIEN, Ill.--(BUSINESS WIRE)--Jan. 20, 2000--
"Claims-Paying Ability a Key Factor, in Addition to Low Price"
"Great Deals Still Available"
Quotesmith.com, Inc. (Nasdaq: QUOT), the only place on earth where you can get instant insurance quotes from more than 300 leading companies, announced today the top-ten most popular term life companies requested through the Quotesmith.com insurance price comparison service in December.
John Hancock Variable Life continued its impressive top spot showing for the second month in a row as the number-one most requested term life company. First Colony Life, West Coast Life, Banner Life and First Penn-Pacific Life placed second, third, fourth and fifth, respectively, in December's rankings.
Most Popular Term Life Companies
John Hancock Variable Life 1 1
First Colony Life 2 2
West Coast Life 3 4
Banner Life 4 3
First Penn-Pacific Life 5 6
Midland Life 6 5
Transamerica Occidental Life 7 7
American Mayflower Life of NY 8 8
Valley Forge Life 9 10
Protective Life 10 9
"The success of John Hancock's Online Marketplace Term policies in scoring No. 1 for two months in a row underscores Hancock's determination and market penetration," said Robert Bland, Chairman and CEO of Quotesmith.com. "Both John Hancock Variable Life and First Colony Life have earned the coveted and highest "A++" (Superior) rating by A.M. Best Co. Clearly, this shows that insurance shoppers at Quotesmith.com are as concerned about claims-paying ability as they are about price."
Bland continued, "On January 1, many states adopted a new life insurance regulation known as 'Guideline XXX.' As predicted, adoption of Guideline XXX has had the immediate effect of causing higher premium rates (about 15% higher) in all states except New York and fewer rate guarantee choices. Significantly, neither John Hancock nor First Colony Life have altered their term life prices or plans, which means that great deals are still available for those in the marketplace for high quality term life plans."
The list reflects December and November insurance shopper requests for individual term life coverage through the Quotesmith.com insurance price comparison service on a national basis.
Quotesmith.com has recently received a number of plaudits. On November 29, 1999, Gomez Advisors named Quotesmith.com its No. 1 Bargain Hunter Internet Insurance Site. In referring to the enormous number of participating insurance companies at Quotesmith.com and the time-saving convenience of having all of this information in one place, the November 22, 1999 edition of BusinessWeek called Quotesmith.com a "top site" while the November 15, 1999 edition of U.S. News and World Report stated that Quotesmith.com "...excels at comparing prices and terms from many firms."
Quotesmith.com owns and operates the largest and most comprehensive insurance price comparison service in America. The company provides instant, guaranteed accurate, company-authorized quotes for more than 300 leading insurance companies covering several lines of insurance including auto, motorcycle, life, individual and 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 from 129 companies covering all 50 states; instant individual and family medical quotes from 45 companies covering 44 states; instant small group medical quotes from 29 companies covering 33 states; instant workers' compensation quotes from 1 company covering 6 states; instant short term medical quotes from 9 companies covering 35 states; instant Medicare supplement quotes from 64 companies covering 49 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 Intuit's Quicken InsureMarket and Progressive Corporation.
Quotesmith.com 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. 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 to 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 in cash; and, every quote is guaranteed accurate or receive a $500 cash reward. 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 seven percent of the outstanding stock of Quotesmith.com, Inc.
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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 No.333509159, California agent No.0827712 and No.OA13858, UT No.90093. California and Utah dba Quotesmith.com Insurance Services. Copyright 2000. All rights reserved. Quotesmith.com, Inc.
Bill Keegan, 312/228-6885
Financial Relations Board
Mark Johnson, 312/640-6793
Will Hemsworth II, 630/515-0170 ext. 213