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Quotesmith.com Debuts QuotesmithPro, the Web-Based Solution to Help Insurance Professionals Slash Costs, Attract New Clients and Earn Additional Income

Quotesmith.com, Inc. (ticker: QUOT, exchange: NASDAQ) News Release - 9/30/2002


Quotesmith.com Debuts QuotesmithPro™, the Web-Based Solution to Help Insurance Professionals Slash Costs, Attract New Clients and Earn Additional Income; Here's a Fast and Easy Way to Scan the Market and Prepare Proposals 

High speed proposal service to help insurance brokers improve productivity and enhance relationships with clients

DARIEN, IL(September 30, 2002) -- Continuing on its 18 year heritage of bringing new tools and new information services to insurance shoppers and the professional insurance agent and broker community, Quotesmith.com (NASDAQ: QUOT), the only place on earth where you can get instant auto, life and health insurance quotes from more than 300 companies, today introduced QuotesmithPro™ , a revolutionary new Web-based insurance price comparison and proposal presentation service designed to help insurance professionals manage their businesses more effectively.

The release of QuotesmithPro™ was announced this morning to a group of industry executives at the 2002 A.M. Best Annual Insurance & Technology Conference in Washington, DC.

"QuotesmithPro™ solves an enormous, time-consuming problem for insurance agents by delivering customer-ready proposals in seconds," said Quotesmith.com founder and CEO, Robert Bland. "QuotesmithPro™ completely eliminates the drudgery of having to deal with outdated desktop systems and multiple company Web sites by providing a fast, single-entry technology that's easy to use. Now agents and their staffs can search the market, obtain comparative rate quotes and review coverages and underwriting guidelines in seconds."

Initially launched with a lineup of over 90 leading term life insurance companies, QuotesmithPro™ is a Web-based subscription service designed for use by insurance agents, brokers, consultants and financial planners. Unlimited-use subscriptions are priced at $19.95 per month or $195 per year prepaid and are available at www.QuotesmithPro™ .com.

The comparative rating and proposal presentation process is a burdensome and costly proposition for America's 1 million insurance professionals. QuotesmithPro™ is designed to eliminate the drudgery of having to prepare proposals by providing a single source solution from which the broker can obtain instant quotes, prepare customer-ready proposals and even earn commissions on sales placed through the Quotesmith.com general agency.

Quotesmith.com executive vice president Bill Thoms remarked, "QuotesmithPro™provides insurance professionals with real-time insurance market information, including independent ratings, underwriting guidelines and customer-ready proposals on demand, that are not available from any other single source. QuotesmithPro™ gives insurance brokers an easy, fast and flexible solution to organize and manage the entire market search and proposal presentation process. Another benefit of QuotesmithPro™ is that subscribing brokers can earn high referral fees or commissions on any business placed through the Quotesmith.com online fulfillment system." Mr. Thoms continued, "QuotesmthPro is a powerful point-of-sale validation tool which will help the broker prove to the customer that a thorough market search has occurred."

Advancing the Market Search and Proposal Preparation Process

In terms of speed and simplicity, QuotesmithPro™ is destined to set a new industry standard for rapid functionality.

With the goal of seeking to slash research, underwriting and policy delivery times, QuotesmithPro™ offers:

  • A dynamic, interactive Web site that produces instant, customer-ready proposals on demand drawn from the Quotesmith.com databases which are continually updated every day.
  • Customer-ready proposals that highlight and promote the brand name of the insurance professional on each and every quote without mentioning the name of Quotesmith.com.
  • Enhanced screen technology that allows all quotes to be e-mailed at any time.
  • Ability to obtain referral fees or commission income on sales processed through the Quotesmith.com online fulfillment system.
  • User-controlled, user-defined search parameters.
  • Instant quotes for residents of all 50 states.
  • Instant quotes from over 90 leading life insurance companies with plans to expand into other lines.
  • Ability to view the latest financial and claims-paying ratings from every major rating agency which is embedded within every quote.
  • Ability to perform detailed market searches for acceptance of specified medical conditions and histories.
  • Ability to view and print underwriting guidelines.
  • Ability to instantly download applications and brochures which are company-specific, state-specific and automatically pre-filled with the customer's relevant quote information.

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 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, #OA13858; UT #90093. Quote availability by state or any other factor is subject to change without notice. Quotesmith.com, insure.com, 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, bthoms@quotesmith.com

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