SACRAMENTO, Calif., June 5, 2001 – InsWeb (Nasdaq: INSW), the top-rated online insurance marketplace featuring auto, term life and other insurance offerings, announced today that QuickQuote.com will become its exclusive provider of online health insurance quotes.
QuickQuote, founded in 1995, is one of the first online insurance distributors. Initially specializing in life insurance, it now also offers several health insurance products. In 1999, QuickQuote was purchased by the Dutch company, ING Group, one of the world’s largest financial institutions. “In selecting a new partner for health insurance, online experience and financial stability were amongst the most important criteria,” said Mark Guthrie, President and COO of InsWeb.
As defined by a two-year online distribution agreement, InsWeb and QuickQuote plan to market individual health insurance, Medicare supplement insurance and travel health insurance offerings, beginning this month. Short-term health insurance, individual dental insurance and small-group health insurance offerings are expected to be available later this year. The new program will expose QuickQuote to InsWeb consumers. In exchange, InsWeb will receive a share of QuickQuote agency commissions from first-time policy sales and the gradually increasing number of policy renewals. This mirrors InsWeb’s arrangement with the growing number of auto insurers which it represents as an independent agent.
“Consumers are drawn to InsWeb for our efficient comparison-shopping services,” said Mr. Guthrie. “QuickQuote offers consumers a terrific range of health-insurance offerings which will enhance the overall consumer experience at InsWeb.”
Daniel P. Wager, founder and President of QuickQuote, said, “The agreement gives QuickQuote and our participating health-insurance carriers access to the millions of online consumers who seek insurance solutions through InsWeb.”
Also announced today, InsWeb and QuickQuote have agreed to a separate online distribution agreement which enables QuickQuote’s customers to easily access InsWeb’s online auto-insurance marketplace.
QuickQuote.com, based in northern Nevada, was the Internet’s first interactive, insurance marketplace originating in July 1995. The Web site’s fast and simple application process offers a wide selection of instant life and health insurance quotes from better-rated carriers and provides a side-by-side comparison of the insurers and each policy’s particular features. QuickQuote Financial Inc., and its parent company, QuickQuote Systems, Inc., are part of the international financial services institution, ING Group, of Dutch origin, which is active in the fields of banking, insurance and asset management in more than 65 countries.
InsWeb (Nasdaq: INSW) enables Internet consumers to compare multiple, actionable quotes for auto, term life, health, homeowners, renters and condominium insurance. The nation’s top-rated online insurance marketplace also provides live customer service, interactive tools and independent research. Headquartered in Sacramento, Calif., InsWeb is accessible at www.insweb.com and through such prominent sites as MSN, Quicken.com and Yahoo!
“INSWEB” is a registered service mark of InsWeb Corporation. All marks above are those of InsWeb Corporation, except for those of insurance carriers, brokers, agents, industry organizations, financial institutions, online partners, service providers, other mentioned companies and educational institutions, which are the marks of their respective entities.