Welcome to our dedicated page for Everquote news (Ticker: EVER), a resource for investors and traders seeking the latest updates and insights on Everquote stock.
EverQuote, Inc. (NASDAQ: EVER) is a leading online insurance marketplace based in Cambridge, Massachusetts. The company provides a platform that connects consumers seeking insurance with a network of insurance providers. EverQuote focuses primarily on auto, home, and life insurance, helping consumers find relevant insurance quotes that meet their needs.
The company leverages data science and advanced technology to optimize its marketplace, ensuring high-quality, scalable connections between consumers and insurance providers. EverQuote's proprietary platform uses sophisticated mathematics and enterprise-class technology to drive its multi-channel campaign management and optimization, delivering high-quality traffic and referrals at optimal costs for its partners.
Founded as a quantitative internet marketing firm, EverQuote has deep roots in proprietary search engine marketing (SEM), analytics, email, and display technologies. This allows the company to efficiently source, scale, and deliver high-quality traffic and referrals. The EverQuote team uses a range of technologies, including comprehensive reporting and bidding engines, to maximize the effectiveness of its platform.
Recently, EverQuote has made several strategic moves to strengthen its position in the marketplace. The company reported a revenue of $68.0 million for the second quarter of 2023 and a Variable Marketing Margin (VMM) of $24.7 million, a record high as a percentage of revenue. In response to a prolonged downturn in the auto insurance market, EverQuote restructured its operations, eliminating approximately 30% of positions company-wide and exiting its health insurance vertical. This restructuring aims to position the company as a leader in the auto and home insurance markets.
EverQuote's financial condition has been bolstered by the sale of certain assets in its health insurance vertical for $13.2 million, providing additional liquidity. The company continues to focus on judicious expense management and strengthening its balance sheet, adopting a more asset-light model to capitalize on market opportunities with the normalization of the auto insurance industry.
EverQuote's mission is to empower insurance shoppers to protect their most important assets—their family, property, and future. The company's vision is to become the largest online source of insurance policies, using data, technology, and knowledgeable advisors to make insurance simpler, more affordable, and personalized.
For more information, visit everquote.com and follow the company on LinkedIn.
EverQuote (Nasdaq: EVER) has announced the promotion of Nick Graham to Marketplace Chief Revenue Officer as of November 10, 2020. Over the past two years, Graham has proven to be a strong leader, enhancing revenue growth and reducing agent churn in the Agency business. In his new role, he will oversee all Agency and Enterprise distribution. Graham previously served as General Manager of EverQuote’s Agency business, joining the company in 2018 after working at Bain & Company. He holds degrees from MIT and Georgia Tech.
EverQuote, Inc. (Nasdaq: EVER) has announced the promotion of Jayme Mendal to President. CEO Seth Birnbaum praised Mendal's leadership over the past three years, highlighting his strategic direction in traffic, product, distribution, and innovation. Mendal, who joined EverQuote in 2017 as COO and CRO, has a background in finance and economics from Washington University and an MBA from Harvard Business School. EverQuote operates a leading online insurance marketplace, aiming to simplify and personalize insurance for consumers.
EverQuote, a leader in online insurance marketplaces, will participate in multiple investor conferences, featuring management-hosted presentations and one-on-one meetings.
The events include:
- RBC Global Technology Conference on November 17, 2020, at 10:40 a.m. ET.
- Raymond James Technology Investors Conference on December 7, 2020, at 5:00 p.m. ET.
- UBS Technology Conference on December 8, 2020, at 8:25 a.m. ET.
Live audio webcasts will be available on their investor relations website.
EverQuote reported a strong Q3 2020 with revenue increasing by 34% year-over-year to $90.0 million. Non-auto insurance revenue surged 55% to $15.2 million, marking significant growth across key verticals. The Variable Marketing Margin grew 41% to $29.4 million. Despite a GAAP net loss of $3.2 million, the company raised its full-year guidance for 2020, anticipating revenues of $340.0 - $342.0 million. The company successfully integrated with 72% of its carrier partners, enhancing customer experience.
EverQuote, Inc. (Nasdaq: EVER) announced the addition of Tom Gruber to its Advisory Board. Gruber, a co-founder of Siri, is recognized for his expertise in AI and machine learning. CEO Seth Birnbaum highlighted Gruber’s experience in building consumer-centric products, aligning well with EverQuote's data-focused approach.
Gruber expressed excitement about leveraging data to enhance consumer safety and financial security. His extensive background in technology and product design is expected to drive innovation within EverQuote's offerings.
EverQuote, Inc. (Nasdaq: EVER) announced the appointment of Greg O’Brien as Senior Vice President of Business Development on October 22, 2020. O’Brien, an experienced executive in insure-tech and digital marketing, aims to enhance EverQuote's growth initiatives. COO Jayme Mendal emphasized that O’Brien's expertise will provide critical market insights. His background includes leading Noodle and CollegeBound, and he holds degrees from Cornell University and NYU. EverQuote focuses on simplifying the insurance process while aiming for digital transformation in the industry.
EverQuote, a prominent online insurance marketplace, announced it will release its third quarter 2020 financial results on November 2, 2020, after market close. A conference call will follow at 4:30 p.m. ET to discuss these results, along with recent developments and business outlook. Investors can participate in the call via toll-free numbers or access the live webcast on the company's investor relations page. EverQuote aims to enhance the insurance shopping experience through data and technology, facilitating better protection for consumers' vital assets.
EverQuote, a leading online insurance marketplace, announced that Co-founder & CEO Seth Birnbaum will participate in a discussion hosted by JMP Securities analyst Ron Josey on September 8, 2020, at 11:00 am ET. This event is significant for investors and stakeholders, as it provides insights into the company's strategies and market outlook. The discussion will be accessible via a live audio webcast and will be archived for later viewing on EverQuote’s investor relations website.
EverQuote, Inc. (Nasdaq: EVER) has announced its acquisition of Crosspointe Insurance & Financial Services, a health insurance agency. This strategic move aims to enhance EverQuote's digital distribution platform for health insurance, capitalizing on a $130 billion market. The acquisition is expected to close by Q3 2020, with funding sourced from EverQuote's cash reserves. This partnership will bolster customer engagement and revenue diversification, aiming to improve the consumer experience in the health insurance sector.
EverQuote, Inc. (Nasdaq: EVER) has appointed Darryl Auguste to its Board of Directors, effective immediately. Auguste, an expert in analytics and online marketing, currently serves as EVP of Strategic Projects at EverQuote, leading high-value initiatives. He has a history of building consumer acquisition teams that drive over 10 million visits monthly. His appointment is expected to enhance EverQuote’s growth as it continues refining its online insurance marketplace, leveraging data analytics and a focus on diversity and inclusion.
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