Massachusetts-based online personal insurance marketplace EverQuote has launched a commercial lines marketplace in a new partnership with the technology platform provider Bold Penguin.
EverQuote said it will use Bold Penguin’s terminal and exchange infrastructure to accelerate its path to market while growing the market opportunity for online commercial insurance shoppers and providers.
The site is now offering business owners, workers’ compensation, commercial auto, general liability, professional liability and other coverages.
A customer selects the coverage of interest and is then asked for a keyword that describes (such as trucking or landscaping) its business before being asked for its address and other information.
One year after its initial public offering raised $84 million, EverQuote announced it is expanding into health insurance and renters insurance, building on its existing auto, home and life insurance marketplace offerings.
The company generates revenue by selling consumer referrals to insurance carriers, agents and other distributors. It matches consumers with insurance providers. Providers are given pre-validated consumer referrals that match their specific requirements. EverQuote allows for targeting of consumers for carriers based on geography, demographics, behavioral characteristics and coverage needs. Agents who access the marketplace can specify their desired consumer profiles, geographic areas, hours of operation, budgets and product types across auto, home and life insurance.
As of January 31, 2019, it had 7,000 enrolled insurance agencies. EverQuote receives a fee when a consumer buys a policy. Some carriers subsidize the fee for agents.
EverQuote’s carrier partners include Progressive, Nationwide, Farmers, Liberty Mutual, Travelers, American Family, The Hartford, Mapfre, MetLife, AAA Insurance, National General, Kemper, Plymouth Rock, Country Financial, Mercury Insurance and Farm Bureau Insurance
In its annual filings, the company indicated that more expansion is ahead. It said it plans to expand into international markets.
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