Leading Evansville Healthcare Agency Acquired

Leading Evansville Healthcare Agency Acquired

EverQuote, Inc. (Nasdaq: EVER), a leading online insurance marketplace, announced that it has signed a definitive agreement to acquire Crosspointe Insurance & Financial Services, LLC, a leading health insurance agency headquartered in Evansville, IN.

Crosspointe is a sales and decision support contact center that connects consumers to high-quality healthcare insurance in a customer-centric environment. Crosspointe will accelerate the extension of EverQuote’s digital distribution platform to a direct-to-consumer agency model within the health vertical. The acquisition, in conjunction with our organically-developed, direct-to-consumer agency initiatives, broadens EverQuote’s ability to access the $130 billion commission TAM component of the overall insurance distribution spend, shifting online.

“Crosspointe’s agency expertise and carrier relationships, combined with EverQuote’s data-driven insurance marketplace platform, consumer volume, and distribution, will position us to deepen our customer engagement, further diversify and grow revenues, and capitalize on the expanding market opportunity in health insurance,” said Seth Birnbaum, CEO of EverQuote. “I am pleased to welcome Josh, Drew and the entire Crosspointe team, who share our cultural roots in bootstrapping, heart, tenacity, and data-driven optimization. Their team is an ideal addition to EverQuote as we deepen our role in the distribution of insurance products while easing the effort and complexity for consumers to protect life’s most important assets — their family, property and future at an affordable price.”

With a decade of experience in the health insurance market, Crosspointe has grown its practice by developing best-in-class business processes to provide consumers with high-quality, personalized shopping experiences and leveraging its deep sector expertise to continually adapt its product offerings to a constantly changing healthcare environment. Health insurance, similar to other verticals, is going through a transformation from offline to online distribution. That transformation demands investment in AI and data-driven experiences that retain the care of a trusted agent while delivering the ease of purchase found with online and mobile platforms.

“EverQuote’s leading technology and strong reputation in the insurance market complements what we have built and grown at Crosspointe over the last decade,” said Josh Mushlock, Co-Founder of Crosspointe. “EverQuote shares our passion for driving innovation in the insurance industry by partnering with providers to deliver a better shopping experience to consumers.”

“Crosspointe is very excited about the opportunity to partner with EverQuote’s data and tech-centric culture to help bring our offerings to a broader range of consumers who are increasingly looking online for insurance,” continued Drew Shockley, Co-Founder of Crosspointe. “Together we are uniquely positioned to address the growing diversity of products in the individual and family health, Medicare, and ancillary health product categories, with consumers’ desire for thoughtful guidance in unified destination advisory and distribution platforms.”

The acquisition is expected to close by the end of the third quarter subject to customary closing conditions, and EverQuote intends to fund the acquisition through cash on its balance sheet. Please reference EverQuote’s Q2 2020 earnings release and conference call for more details regarding the transaction.

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