Quotesmith.com Launches Golden Retriever
Quotesmith.com, Inc. (ticker: QUOT, exchange: NASDAQ) News Release - 9/05/2002
Quotesmith.com Launches Golden RetrieverSM
Powerful New Search Engine Enables Life Insurance Shoppers to Make Instant, Anonymous Market Searches Based Upon Medical History
- Major advancement could help millions of life insurance shoppers by simplifying and speeding up the comparison shopping process
- Advanced technology ushers in new era of buyer knowledge, control, privacy and speed
- Instant matching capability serves needs of consumers and insurance companies alike by eliminating confusion and false-starts
DARIEN, IL (September 5, 2002) -- Quotesmith.com (Nasdaq SmallCap: QUOT), the only place on earth where you can get instant quotes from over 300 leading insurance companies and have the freedom to buy from the company of your choice, today announced the release of Golden RetrieverSM, a brand new Web-based life insurance search engine technology which enables consumers to conduct anonymous market searches and price comparisons based upon their personal medical history profile.
Designed to eliminate the drudgery associated with life insurance, Golden RetrieverSM was created especially for people who have common medical conditions or histories which can affect the final premium rate offered by an insurance company.
"The release of Golden RetrieverSM represents a significant achievement by our technical and market reporting teams," said Quotesmith.com chairman and CEO, Robert Bland. "We believe that Golden RetrieverSM is destined to revolutionize the way people buy life insurance because it compresses the entire search process to 5 seconds or less, regardless of your health history. Millions of Americans have a hard time shopping for life insurance because of the complex way that life insurance is underwritten. The solution that we've announced today changes all of this forever."
The Ultimate Life Insurance Buyer's Solution
Virtually all of the life insurance industry's direct-to-consumer advertising is directed toward those with perfect health while ignoring tens of millions more who don't qualify for the lowest advertised rates because of their health history. Lured in by a low premium quote, many applicants don't discover that they don't qualify for the advertised rate until several weeks after an application has been submitted and a time-consuming underwriting effort is well underway. By then, the life insurance applicant is hobbled in their comparative shopping alternatives because they have become enmeshed in the underwriting process of just one company, often after their application has been "made public" with third party medical information bureaus, doctors and hospitals. The practice of advertising low premiums that apply to only a fraction of life insurance buyers is an expensive, inefficient practice for the industry and, all too often, ends up being a frustrating, time-consuming and even embarrassing process for the life insurance buyer.
Golden RetrieverSM solves this problem by including a number of helpful tools and automatic filters which permit a visitor to anonymously and instantly compare the rates and coverages of nearly 100 leading life insurers in 5 seconds or less based upon one's personal medical history profile. Golden RetrieverSM represents an entirely new, quick and easy way for life insurance shoppers to optimize their time and decision making process. Insurance companies that participate with Quotesmith.com benefit as well through a greatly improved matching process that results in more submissions that are properly categorized and quoted from the start.
"Life insurance shoppers with a history of asthma, heart disease, cancer, diabetes, high blood pressure, elevated cholesterol, psychological counseling or other common medical conditions have always found it frustrating to obtain life insurance at competitive rates," said Bill Thoms, executive vice president for Quotesmith.com. "Working in close corroboration with almost 100 leading life insurers, we've now completely eliminated the confusion and mystery so that consumers can search the market in seconds and pinpoint the best life insurance values based on their health history. Golden RetrieverSM represents our most significant life insurance search engine upgrade in years."
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 for twelve different product lines, achieve maximum savings and have the freedom to buy from any company shown. 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. These forward-looking statements are inherently difficult to predict. 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, 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, 2001, and the Company's Quarterly report on Form 10-Q for the quarter ended June 30, 2002, both of which are on file with the United States Securities and Exchange Commission.
All insurance 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. Quotesmith.com, Inc. dba Quotesmith.com Insurance Services in CA under agent #8027712. Some insurance companies appear at Quotesmith.com for purely information 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: Bill Thoms, Executive Vice President, (630)515-0170, ext. 202, firstname.lastname@example.org