Quotesmith.com Reports Record 16,000 Insurance Quotes In A Single Day
Quotesmith.com, Inc. (ticker: QUOT, exchange: NASDAQ) News Release - 11/2/1999
Quotesmith.com Reports Record 16,000 Insurance Quotes In A Single Day
DARIEN, Ill., Nov. 2 /PRNewswire/ -- Quotesmith.com, Inc. (Nasdaq: QUOT), the Internet-based service that enables consumers to obtain instant quotes from over 300 companies and to buy from the company of their choice, announced that its Web site processed a record 16,600 quotes yesterday, marking the first time that the quote volume has exceeded 16,000 quotes in a single day. This new single-day record compares to an average of 5,100 quotes per day recorded during the first three quarters of 1999.
"This 16,000-quote milestone, the first such day in our history, is in line with our marketing expenditures and validates our business proposition that insurance shoppers want instant and accurate insurance quotes from a wide variety of companies from a single source without having to surf multiple Web sites. Our service allows insurance shoppers and business owners to obtain insurance quotes from over 300 leading companies in seconds and represents a new and more efficient way to buy insurance. We're delighted to see this enthusiasm for our insurance price comparison service," remarked Quotesmith.com President and founder Robert Bland.
Bland continued, "We also believe that some of this momentum is due to the fact that on January 1, most states will adopt a new life insurance regulation known as 'Guideline XXX.' Right now, term life insurance rates are at all-time lows. According to some industry experts and financial reporters, this Guideline, when enacted by each of the states, may cause term life insurance companies to raise premium rates or reduce initial guarantee periods for new policyholders. While the new Guideline will not affect any life insurance already in force prior to January 1, nobody knows yet what will happen to premium rates or initial rate guarantee choices, if anything, after January 1 but a consensus view is forming that term life market changes are under foot. Quotesmith.com appears to be benefiting from heightened consumer interest in term life insurance at this time."
Quotesmith.com is the Internet-based insurance price comparison service that allows consumers to save money by obtaining instant quotes from over 300 leading insurance companies.
Founded in 1984 as Quotesmith Corporation, Quotesmith.com owns and operates the largest and most comprehensive insurance price comparison service in America. The Company provides up-to-the-day accurate quotes, including detailed vital policy coverage and reference information, for several lines of insurance including auto, motorcycle, life, individual & family comprehensive medical, short term medical, group medical, dental, Medicare supplement and annuities. The Company's Web site allows insurance shoppers to instantly navigate the U.S. insurance market with confidence and clarity.
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 quote-to-policy-delivery customer service through the use of insurance-experienced, in-house, salaried representatives.
Now available to residents of all 50 states, the Quotesmith.com insurance information service also 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, in order to take consumer education to the max. 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 with insurance companies in an efficient manner. The Quotesmith.com service empowers insurance buyers with near-perfect market information 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 a $500 cash reward plus 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. owns approximately 7 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. $500 lowest price cash reward not available for residents of South Dakota.
Quotesmith.com is a service mark of Quotesmith.com, Inc. All other names are trademarks of their respective owners. Published by South Dakota agent #333509159, California agent #0827712, #OA13858, UT #90093. California and Utah dba Quotesmith.com Insurance Services.
SOURCE Quotesmith.com, Inc.