AUTOBYTEL.COM TO OFFER POWERFUL NEW INSURANCE SERVICES
Partnership with InsurQuote Enables Consumer Comparison Shopping from Major Providers
Updated
Jun 10, 2004 22:52:17
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Description: Irvine, CA -- June 24, 1999 -- Autobytel.com (Nasdaq: ABTL), the global leader in automotive e-commerce and services, today announced a partnership with InsurQuote to provide consumers with real-time vehicle coverage quote information and to enable online application submission with their carrier of choice. The one-stop shop, comparative insurance service is another of Autobytel.com's services that is offered free to the consumer. It can be used both by customers who are submitting a vehicle purchase request through Autobytel.com, and by customers who are only shopping for insurance coverage. Autobytel.com receives a fee for each application submitted. The premiere insurance companies participating in the program include MetLife® Auto & Home Insurance, The Hartford (Hartford Financial Services Group, Inc.), and The GE Auto Insurance Program. At present, the service is available only to consumers in California, Florida and Illinois, but is anticipated to be available to the majority of American consumers by the end of 1999. "Autobytel.com and InsurQuote share a common goal of helping consumers complete the auto insurance shopping process online," said Bill Woahn, president of InsurQuote, the leading provider of comparative insurance rating technology. "Partnering with the leading name in Internet automotive sales and service allows us to create an exciting, unique business model and to bring to online auto insurance the rigorous customer satisfaction standards that Autobytel.com has set in online car-purchasing." "Our audience of serious car buyers and Internet-savvy consumers is one that insurers want access to at the time the purchase decision is being made," said Mark Lorimer, Autobytel.com's President and CEO. "This new feature is the optimal solution for their online marketing needs and represents an enormous market opportunity for all the companies involved." "We are also pleased to be offering our customers InsurQuote's industry-leading technology, as well as the services of the most respected names in the insurance industry. The ability to comparison shop with just a few mouse clicks could provide an opportunity to realize substantial savings for our customers," said Lorimer. "We will continue to expand services such as financing, insurance, and maintenance programs as we strengthen our position as the ultimate online destination for auto-related commerce." According to Forrester Research, online auto insurance sales are expected grow from $21 million in 1997 to nearly $850 million in 2001. How it works: At the Autobytel.com site, consumer fills out an easy online application in less than fifteen minutes. Consumer receives multiple quotes in real time from some of the nation's top insurers. Consumer submits quote application to chosen insurer's call center. Call center contacts consumer within 24 hours to complete the policy issuance. About InsurQuote: InsurQuote Systems, Inc., (), is the leading provider of integrated insurance rating solutions to the agency, company, and consumer markets. These solutions utilize InsurQuote's sophisticated comparative rating engine which enables the comparison of multiple carriers for auto, home and commercial insurance products. In the emerging online insurance shopping environment, InsurQuote leads the way, combining a nationwide comparison of auto insurance rates with a complete e-commerce fulfillment solution. Headquartered in Provo, Utah, InsurQuote also has offices in Beachwood, Ohio, College Station, Texas and San Francisco, California. The company employs over 500 people, and services thousands of insurance agencies, companies, and consumer organizations nationwide.
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