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Description Provided by Quotesmith: "We believe that Quotesmith.com is the most comprehensive Internet-based insurance service available. The Quotesmith.com service enables consumers and business owners to obtain instant quotes from over 300 insurance companies, and we guarantee the accuracy of every quote. Combining the reach and efficiency of the Internet with our proprietary database and industry expertise developed over the past 15 years, we provide a complete "quote to policy delivery" insurance solution without the involvement of any commissioned salespeople. We have created a model that addresses the challenges faced by traditional insurance distribution methods in a manner that offers significant benefits to both consumers and insurance companies. The Quotesmith.com model allows consumers to: (1) efficiently search for, analyze and compare insurance products; (2) quickly request and obtain insurance quotes; and (3) easily select and purchase insurance from the insurance company of their choice. Since we began providing instant insurance quotes on the Internet in May 1996, we have delivered more than 27,000 policies. Insurance premiums paid in the United States in 1998 represented over $1.1 trillion according to A.M. Best. The growing acceptance of the Internet and electronic commerce presents a significant opportunity for the insurance industry by allowing self-directed consumers to more efficiently and effectively research and transact with insurance companies. The fragmentation of the insurance industry and the significant price and product variation has led consumers and insurance companies to seek alternative means of purchase and distribution. According to Forrester Research, Internet-influenced sales of insurance are expected to grow from $1.5 billion in 1998 to $11.0 billion in 2003. We believe that the vast information sharing and communications power of the Internet will significantly improve the insurance industry for both consumers and insurance companies. While a number of new companies have emerged in an attempt to capitalize on this online insurance opportunity, we do not believe that any of these efforts fully addresses the limitations inherent in traditional insurance distribution or the challenges faced by consumers in effectively purchasing insurance. The Quotesmith.com solution provides the following principal advantages to both consumers and insurance companies: - Comprehensive source of insurance information and products including insurance quotes from over 300 insurance companies across several types of insurance and access to what we believe is the largest, most complete repository of comparative information on insurance products, insurance pricing and insurance providers. - Guaranteed-accurate instant quotes for which we offer a $500 cash reward guarantee that we provide an accurate quote. This Quotesmith.com guarantee is unmatched by our competitors. - A no salesperson approach that eliminates face-to-face commissioned agents from the insurance purchase process and puts consumers in control of their insurance purchase decisions. - Convenience for consumers to gather information and compare insurance products on a single Web site, from any location and on their own time. - Quote to policy delivery support that provides continued, value-added service and assistance throughout the insurance purchase process including answering questions and arranging paramedical examinations. - Focus on customer service through a highly-trained, experienced and non-commissioned customer service staff that provides support throughout the application process and aims to eliminate consumer dissatisfaction and frustration. - Fully licensed national insurance agency with the ability to provide insurance policies to consumers throughout the United States. - User friendly system that provides service 24 hours a day, 7 days a week through an easy to use Web site designed for fast viewing and rapid downloading. The Quotesmith.com model is unique and distinct from both traditional and online models. Our Internet-based model provides a complete "quote to policy delivery" insurance solution that puts consumers in control of their insurance purchase process. By providing extensive comparative information and responsive customer service throughout the entire insurance information gathering and purchase process, our model enhances the consumer experience at each stage and streamlines the overall process. We are not a lead referral service or an online distribution channel for a single insurance company, but rather we generate revenues when our customers have successfully obtained an insurance policy from the insurance company of their choice through our service. We strive to be the leading Internet-based service for all insurance needs of consumers and small businesses. We plan to continue to build the Quotesmith.com brand, offer additional insurance products, expand the number of participating insurance companies, leverage our customer base, strengthen and pursue strategic relationships and continue to focus on customer service. We incorporated and began our operations in March 1984 with an electronic quotation and policy information service for insurance agents and brokers. Over the past 15 years, we have been developing our proprietary insurance price comparison service technology and industry expertise. In 1993, we became licensed to offer insurance throughout the United States and in 1994 began providing quotes directly to consumers. We recently entered into a strategic agreement with Intuit Insurance Services, Inc., a wholly-owned subsidiary of Intuit Inc., which licenses our insurance quotation database technologies and extends our customer service and insurance brokerage capabilities to Intuit Insurance Services and certain of its affiliated Internet sites." | ||||||||||||||
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