Quotesmith.com Announces Instant, Downloadable Insurance Application Capability
Quotesmith.com, Inc. (ticker: QUOT, exchange: NASDAQ) News Release - 1/31/2000
Quotesmith.com Announces Instant, Downloadable Insurance Application Capability
DARIEN, Ill.--(BUSINESS WIRE)--Jan. 31, 2000--
Fast, Efficient Tool for Consumers and Insurance Companies
Enhances the Most Comprehensive Internet Insurance Service
Quotesmith.com, Inc. (Nasdaq:QUOT), the only place on earth where you can get instant insurance quotes from over 300 leading companies, announced today that it has started offering instant downloadable applications to accelerate the insurance underwriting process for its customers and participating insurance companies.
This new service, which offers an instant download of state-specific and company-specific term life insurance applications and other required forms to customers on demand, underscores Quotesmith.com's commitment to making web-based delivery of insurance faster, simpler and more efficient.
Insurance shoppers at Quotesmith.com can now experience a more rapid and smooth quote-to-policy-delivery solution because front-end mailing time delays have been eliminated. Online insurance applications are first being made available for selected insurance companies within its term life offerings, with plans to expand into health insurance and other lines next.
"People love fast and simple on the Web," said Robert Bland, Chairman and CEO of Quotesmith.com. "This new buyer-friendly capability at Quotesmith.com will speed up underwriting times by several days and also put us in a never-out-of-stock mode at all times with our customers. This technological advancement greatly increases the overall convenience of our end-to-end insurance solution for both buyers and insurers alike."
As an added convenience, each downloadable application will also contain the customer's previously-entered quote information, making each application truly customer-specific and ready for signature with a minimum of time and effort.
"Most life and health insurance companies today require an applicant's original signature on an application for insurance and many even require the signature of a witness," Bland added. "By giving our customers instant, fingertip access to this inventory of applications, we're making it quick and easy for them to apply to the company of their choice. We believe that the introduction of this application delivery technology sets the stage for when electronic signatures will truly permit the purchase of insurance online. Quotesmith.com is leading a revolution in the way people buy insurance."
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 130 companies covering all 50 states; instant individual and family medical quotes from 46 companies covering 45 states; instant small group medical quotes from 37 companies covering 37 states; instant workers' compensation quotes from 1 company covering 6 states; instant short term medical quotes from 6 companies covering 39 states; instant Medicare supplement quotes from 64 companies covering all 50 states; instant dental quotes from 47 companies covering all 50 states; instant "no exam" whole life quotes from 59 companies covering all 50 states and fixed annuity quotes from 85 companies covering all 50 states. The company is also providing instant automobile insurance quotes from 56 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.
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 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