Illinois Drivers: Test Drive the New Quotesmith.com Auto Insurance Price Comparison Service
Quotesmith.com, Inc. (ticker: QUOT, exchange: NASDAQ) News Release - 8/1/2001
Illinois Drivers: Test Drive the New Quotesmith.com Auto Insurance Price Comparison Service; Here's a Fast and Easy Way to Get Instant Quotes, Wide Selection and the Lowest Premiums From Leading Insurers
End-to-end buying solution delivers convenience and leads to maximum savings
DARIEN, Ill., Aug. 1 /PRNewswire/ -- Shopping for auto insurance in the Land of Lincoln just got a lot easier. In an industry-leading advance, Quotesmith.com (Nasdaq: QUOT), the online insurance broker that provides instant auto, life, health, dental and disability insurance quotes from more than 300 companies, today announced the launch of its brand new auto insurance price comparison service.
Initially launched in Illinois with a lineup of 10 leading insurers, the new Quotesmith.com auto insurance price comparison service is now available at www.quotesmith.com. A planned rollout to residents of California, Texas, New York and Florida by year end will widen the reach of this new service to 35% of the U.S. population.
"The new Quotesmith.com auto insurance price comparison service is far and away the fastest and easiest auto insurance purchase solution of its kind on or off the Internet. We're delivering a panorama of comparative auto insurance market information so that a savings-in-seconds experience becomes reality," said Quotesmith.com chairman and founder, Robert Bland. "Shopping for auto insurance can be time-consuming and confusing. We've solved both problems by aggregating the policy offerings of leading insurers and presenting that information in a format that is quick and easy to understand. We're attracted to the U.S. personal auto insurance market because of its huge size -- 168 million insured vehicles -- and because almost everybody's policy renews every six months. Personal auto insurance is one of the most widely-bought and frequently-purchased types of insurance and is ideally suited for purchase on the Internet."
Early Customer Enthusiasm
The first Illinois drivers to purchase auto insurance from the new Quotesmith.com service were Dr. David and Linda Murison of Carol Stream. Dr. Murison exclaims, "We were very satisfied with our experience and estimated that we saved $300 for our two cars and three drivers. The Quotesmith.com site is very good and particularly simple to use."
Advancing The Auto Insurance Purchase Process
In terms of speed and simplicity, the new Quotesmith.com auto insurance price comparison service is destined to set a new industry standard for choice, selection and rapid functionality. With the goal of seeking to slash research, underwriting and policy delivery times, the new Quotesmith.com service offers:
A wide selection of instant quotes from leading insurance companies.
Accurate quotes backed by a $500 Cash Reward Accuracy guarantee.
Personalized customer care and assistance on a toll-free basis.
Simple-to-use search parameters with automatic retention of all request information which makes future re-quotes a snap.
Unbiased information, freedom to purchase from any company shown.
Immediate alternate coverage quotes without having to re-key or re-search.
Ability to buy and bind online from many companies.
Viewable A.M. Best ratings with each and every quote.
Ability to view actual underwriting guidelines.
U.S. Personal Auto Insurance Market Overview
At $120 billion in annual premiums, personal auto insurance represents the largest single segment of the total property and casualty market and accounts for 79% of the total U.S. personal property and casualty market. Consumers have become much more comfortable in using the Internet as a tool to look up information and obtain comparisons for rates. Industry sources have also reported an increasing use of the Internet to purchase auto insurance in the past year, citing 90% of online consumers as interested in using the Internet for comparison shopping and 50% having actually changed carriers online in the past year.
Recent Accolades for Quotesmith.com
The launch of Quotesmith.com's new auto offering follows a number of recent public plaudits for Quotesmith.com. On April 24, 2001 Quotesmith.com was named as one of the Top 10 Insurance Web sites by Personal Finance Online magazine in its inaugural June/July 2001 issue.
Founded in 1984, Quotesmith.com owns and operates the industry's largest and most comprehensive insurance price comparison service. The Quotesmith.com Insurance Commerce Platform allows insurance shoppers to instantly view the best prices being offered by more than 300 leading companies, achieve maximum savings and have the freedom to buy from the company of their choice. Quotesmith.com provides personalized customer service assistance and policy placement services for its customers and generates revenues from the receipt of commissions and fees paid by insurance companies. Shares of Quotesmith.com trade on the Nasdaq SmallCap Market Exchange 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, "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 Annual Report on Form 10-K for the year ended December 31, 2000, which is on file with the United States Securities and Exchange Commission. 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 is a service mark of Quotesmith.com, Inc. All other names are trademarks of their respective owners. All rights reserved. Quotesmith.com, Inc.
CONTACT: Will Hemsworth II, Senior Vice President of Quotesmith.com, +1-630-515-0170, ext. 213, or firstname.lastname@example.org