Transaction enhances transparency between online insurance shoppers and insurance carriers
SEATTLE & ANN ARBOR, Mich.--(BUSINESS WIRE)-- QuoteWizard and RateElert are pleased to announce today that the companies have entered into an asset purchase agreement under which QuoteWizard acquires the insurance marketing assets of RateElert, Inc. and the company’s leading online insurance technology rate comparison platform, RATEKICK.com.
The merger agreement has been unanimously approved by RateElert’s Board of Directors.
As one of the largest privately-held insurance comparison marketplaces in the industry, QuoteWizard has helped nearly 40 million people find the ideal insurance policy since 2006. RateElert, a consumer insurance shopping site and technology company, was founded in 2009. The company developed the online consumer platform RATEKICK® and its proprietary technology for the My Insurance Analyzer™ service that provides consumers free tools for generating side-by-side pricing comparisons, product and coverage details, and identifies local insurance agents who sell that company’s product (authorized agents), complete with contact information, reviews, and maps to an agent’s office location.
This partnership allows QuoteWizard to expand its product offerings, reach a broader audience, and refine its proprietary marketing platforms.
“We’re excited to incorporate RateElert’s resources into our stable of offerings,” said QuoteWizard founder and CEO Scott Peyree. “This addition will help us to grow our portfolio and succeed in new market segments. We plan on leveraging RateElert’s innovative insurance technology assets to further our vision of being the premier online destination for Americans looking for insurance.”
“Partnering with a fast-growing and successful company like QuoteWizard is a real honor,” said Brian Hannigan, co-founder and CEO of RateElert. “It’s a huge testament to our company’s employees and shareholders’ years of hard work building out an insurance technology platform and consumer brand for insurance shoppers seeking to save money with personalized coverage options. At the same time, it provides a scalable customer acquisition platform for our insurance carrier partners.”
The acquisition enhances the footprint for QuoteWizard as the fastest-growing consumer destination website in the U.S. for online insurance shoppers.
About RateElert, Inc:
Headquartered in Ann Arbor, MI, RateElert, Inc. has been a trusted and well-respected catalyst for change in the online insurance industry since 2009 by providing many consumers rate transparency that they never had before the Internet existed. The company continues to bring improvements and innovations to the process of shopping for insurance online. The company’s flagship product, RATEKICK®, is a unique comparison platform that was designed for an easier way for consumers to shop for insurance and to connect with insurance carriers & agents in an ever-changing global marketplace.
QuoteWizard (quotewizard.com) is an insurance comparison marketplace for consumers looking to save on insurance. QuoteWizard provides consumers with direct access to thousands of qualified agents in all 50 states, as well as major carriers, who offer personalized quotes and the opportunity to save up to 40% on auto, home, and health insurance. Agents and carriers, in turn, benefit from millions of highly qualified leads, calls and traffic to their site. Based in Seattle, WA, QuoteWizard was founded in 2006.
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