EverQuote

EverQuote offers an online marketplace for auto, home, renters, life, and commercial insurance policies for consumers and insurance providers from carriers and licensed third-party agents. EverQuote uses its proprietary data and technology platform that combines internally developed, third-party, and open-source software to identify specific needs of the consumer and connect them with appropriate policies. Its technology combines a composite of websites, mobile applications, and supporting services that are hosted across multiple cloud providers. 

In addition, the company operates a direct to consumer (D2C) insurance agency through a network of 200 agents, who help bind policies for consumers. EverQuote derives its revenue from sales of consumer referrals to insurance providers through its D2C channel and direct commissions earned from sales of policies.

EverQuote exited the health insurance vertical, effective as of June 20, 2023, citing the significant capital investment required to scale the business and the increasingly unpredictable regulatory environment. This exit encompasses both its marketplace and the direct-to-consumer agency, which offered Medicare and Under 65 health insurance and accounted for nearly 10% of FY2022 revenues.

Key customers and partnerships

As of March 2021, the company claimed to have more than 100 carriers and 8,500 local agents participating in its platform. Progressive Casualty Insurance Company and State Farm Mutual Automobile Insurance Company were its largest customers accounting for 16% and 10% of its FY2021 revenue, respectively.

Funding and financials

In June 2018, EverQuote went public via an IPO, raising USD 84 million, valuing the company at USD 446 million. It subsequently raised USD 15 million in February 2022 through a private placement from Recognition Capital, an entity owned and controlled by David Blundin, chairman of the board of directors and co-founder of EverQuote. The company aimed to utilize the funds for general corporate and working capital purposes.

In 2023, the company generated revenue of USD 287.9 million, a decrease of 29% YoY, primarily due to its decision to exit the health insurance decision in June 2023. Its net loss increased to USD 51.3 million compared with a net loss of USD 24.4 million in 2022.