EverQuote, Inc. (NASDAQ: EVER) is an innovative online marketplace based in the United States that provides consumers with a seamless and personalized car insurance shopping experience. Founded in 2011 by Seth Birnbaum and Tomas Revesz, the company is headquartered in Cambridge, Massachusetts.
The firm’s core vision is to make shopping for insurance easier and more efficient. It achieves this by partnering with a myriad of large, reputable insurance providers to offer a wide spectrum of options to consumers. EverQuote has evolved into one of the largest digital marketplaces for insurance in the US, serving over 5 million consumers monthly.
The platform's algorithm matches insurance seekers who fill out forms indicating their coverage needs with insurance networks and agents from top-notch providers like GEICO, Allstate, Progressive, and more. Through EverQuote's marketplace, customers can quickly compare multiple insurance policies and prices to find the one that suits them best.
Notably, EverQuote is not an insurance company, but rather a tool that bridges the gap between consumers and insurance providers. EverQuote makes money through a lead generation business model, where its partners in the insurance business pay the company when they make a successful sale or acquire a customer through its platform.
In addition to car insurance, the platform also offers quotes on other types of insurance such as home, renters, and life insurance. The company's ambition to expand its portfolio of offerings also led to the launch of EverDrive, a safe driving app that provides users with feedback on their driving habits and offers the chance to earn discounts on their insurance premiums.
EverQuote went public in June 2018, and experienced substantial growth in its first two years. Between 2018 and 2019, the company's insurance provider network doubled in size and its quarterly revenues jumped from $34.2 million to over $63.8 million.
The company is committed to diverse and inclusive hiring practices, and is proud to be a sponsor of the Boston chapter of Women Hack, an event aimed at promoting women in the tech industry.
Since its foundation, EverQuote has demonstrated success through their robust growth in the competitive insurance industry. With continuous improvements to its services, the company is committed to providing users with an enjoyable and beneficial shopping experience for their insurance needs.