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Quotesmith.com Launches Instant Travel Insurance Quotes from 28 Leading Plans; Enables Comparative Shopping from a Single Source

Quotesmith.com, Inc. (ticker: QUOT, exchange: NASDAQ) News Release - 2/11/2002


Quotesmith.com Launches Instant Travel Insurance Quotes from 28 Leading Plans; Enables Comparative Shopping from a Single Source

  • Instant point, click and buy capability sets standard for speed and convenience
  • Quick, end-to-end buying solution replaces tedious research and uncertainty
  • New content further expands largest array of instant insurance quotes on earth
  • Improved market knowledge yields maximum savings

DARIEN, IL (February 11, 2002) -- Shopping for travel insurance just got a lot easier. In an industry-leading advance, Quotesmith.com (NASDAQ SmallCap: QUOT), the online insurance broker that provides instant auto, life, health, dental and disability insurance quotes from more than 300 leading companies, today announced the immediate availability of a new Web-based travel insurance price comparison and purchasing service for domestic and international travelers.

Launched with an initial lineup of 28 leading plans, the company's new service is immediately available at www.quotesmith.com and provides the largest panorama of instant travel insurance quotes available from any single source.

"The launch of instant travel insurance from 28 leading plans at www.quotesmith.com further demonstrates our resolve to define and lead the online insurance revolution in a way that makes sense for families and business travelers alike," said Quotesmith.com chairman and founder, Robert Bland. "Our new service can instantly educate the busy traveler and pinpoint the best insurance values on each and every quote. We've reduced the process of buying travel insurance to just a few minutes which means a new standard of speed and simplicity for our industry."

Quotesmith.com is working with Commack, NY-based IMT Services Corp. in supporting its technical platform and order fulfillment capabilities with travel insurance.

"Travel insurance adds another important content addition to the Quotesmith.com portfolio and directly addresses the heightened level of interest in all things having to do with travel today," remarked William Thoms, Quotesmith.com executive vice president. "Demand for travel insurance has increased by over 40% in recent months. We are very excited to have such an impressive stable of household-name insurers participating with us in the launch of travel insurance, and we are particularly grateful for the cooperation and enthusiasm shown by our technology partner, IMT Services Corp."

Travel insurance can act as primary or supplemental coverage that fills gaps in a traveler's existing home, health or credit card perk insurance. Travel Insurance provides trip-cancellation, interruption and evacuation coverages that are not normally available on home, health or credit card perk insurance and are critical to protecting against the risks faced by today's traveler.

Travel Package Policies Lead the Way in Popularity

The most popular travel insurance policies sold are known as "package policies." These policies are designed for travelers going on Cruises, Tours, Flights, Home Rentals and a wide variety of other trip types. Some package policies can also be bought on an annual basis.

Most package policies offer Trip Cancellation, Lost Baggage, Medical, Dental, Emergency Evacuation, 24 Hour Traveler Assistance, Baggage Delay, Travel Delay, and Accidental Death coverages. Some policies also have options for Collision/Damage coverage for rented cars, Flight Insurance (a form of Accidental Death Coverage while flying only) and added Emergency Evacuation insurance. Some companies allow you to select individual coverages (Trip Cancellation, Baggage, Medical) and some provide coverage in a package. Some package policies include coverage for children at no extra charge.

Another group of travel insurance policies provide coverage for specified medical expenses while traveling and often include coverage for evacuation flights, accidental death, baggage and trip interruption. Travel medical insurance, particularly international travel insurance, can really make sense if your current medical plan stops when the plane leaves the runway.

Fast, Accurate Quotes; Instant Buy Online Capability

The new Quotesmith.com travel insurance price comparison service slashes research, underwriting and policy delivery times and offers a high education content experience at the same time:

  • User-controlled, user-defined search parameters.
  • Unbiased information, freedom to purchase from any company shown.
  • Instant quotes for recreational and business travelers.
  • Instant quotes for domestic and international travelers.
  • Instant quotes for Americans and residents of every other country.
  • Instant quotes for trips of any duration.
  • Instant quotes for comprehensive package policies, travel medical policies, annual policies and specific flight policies.
  • Step-by-step buying guides including side-by-side comparisons of coverages.

 

Milestone Launch Includes Major Travel Insurers

Quotesmith.com indicated that its initial travel insurance launch includes instant quotes from leading travel insurance companies including Access America/BCS Insurance, HTH Worldwide/CNA, MutliNational Underwriters/Lloyd's, Unicard Travel Association, Travel Guard International/Ace INA Group, Travelex and others.

About Quotesmith.com

Founded in 1984, Quotesmith.com owns and operates two comprehensive online consumer insurance information services, www.insure.com and www.quotesmith.com. Catering to self-directed insurance shoppers, Quotesmith.com provides a comprehensive array of comparative auto, life and health quotes, combined with news, information and decision-making tools that are not available from any other single source. Visitors to the company's Web sites are able to obtain instant quotes from more than 300 leading insurers, achieve maximum savings and have the freedom to buy from any company shown. Quotesmith.com generates revenues from the receipt of commissions, fees, content licensing and advertising revenues paid by participating insurers. Quotesmith.com also provides personalized insurance brokerage and policy placement services for its customers. Shares of Quotesmith.com trade on the Nasdaq SmallCap Market under the symbol "QUOT."

Cautions about Forward-Looking Statements

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 also contains 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, "intend," "may," "plans," "will," "believe," "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 ability to successfully launch and realize revenues from new products and services, potential business risks associated with generating revenues from the insure.com platform, 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 are included in the company's Annual Report on Form 10-K for the year ended December 31, 2000, and the Company's Quarterly Reports on Form 10-Q for the periods ended March 31, 2001, June 30, 2001 and September 30, 2001 which are on file with the United States Securities and Exchange Commission.

All policies contain specific insuring agreements, exclusions and conditions. No employee of Quotesmith.com is making any endorsement or recommendation in this communication regarding any particular coverage or insurance company. Furthermore, Quotesmith.com only recommends the purchase of travel insurance when such coverage is not being provided by a person's underlying home, health insurance or credit card perks.

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. Quote availability by state or any other factor is subject to change without notice. Quotesmith.com, insure.com, LTCompare and QuotesmithPro are service marks of Quotesmith.com, Inc. All other names are trademarks of their respective owners. Copyright 2002. All rights reserved. Quotesmith.com, Inc.

SOURCE Quotesmith.com, Inc.

 

CONTACT: William Thoms, Executive Vice President, (630) 515-0170, ext. 202, wthoms@quotesmith.com

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