QuinStreet Rating Platform (QRP) Gains Momentum in the Insurance Marketplace

Rhea-AI Summary

QuinStreet (Nasdaq: QNST) has reported significant advancements in its QuinStreet Rating Platform (QRP), expanding into the home insurance rating market. Launched in December 2019, QRP has already garnered strong adoption with auto insurance agencies, reducing quote and binding time by over 30%. Currently, 17 large agencies with over 4,000 agents are operational or in the process of launching QRP. The platform is now also available for home insurance, allowing personal lines agents to access real-time rates and bind policies in all 50 states, enhancing efficiency and customer satisfaction.

Positive

• QRP has reduced the time to quote and bind policies for auto insurance agencies by over 30%.
• Adoption of QRP has surged, with over 4,000 agents using the platform.
• QRP is now available for home insurance agencies, significantly enhancing service capabilities.
• The platform has seen a 15-fold increase in quotes delivered since March 2020.

Negative

• None.

FOSTER CITY, Calif., Nov. 19, 2020 /PRNewswire/ -- QuinStreet, Inc., (Nasdaq: QNST) a leader in performance marketplace products and technologies, announced today significant progress in its QuinStreet Rating Platform (QRP) business and expansion into the home insurance rating marketplace.

Introduced in December 2019, QRP is a ground-breaking and intuitive rating platform empowering insurance agencies to better service customers while streamlining management of their businesses. Since its launch, QRP has been strongly embraced by auto insurance carriers and agencies, with many reporting that time to quote and bind a policy has decreased by 30% or more. Seventeen large regional and national agencies, with more than 4,000 agents, have signed contracts and are in live production or are in the process of launching QRP. Quotes delivered to agents through QRP have grown dramatically, with an increase of more than 15 fold since March 2020.

QRP is designed to solve a serious pain point in the insurance marketplace. Currently, insurance agents often use up to three different systems to generate insurance quotes from multiple carriers for one prospective customer, with additional systems and workflow required to actually bind a policy for that customer. Today's large agencies must be more efficient to meet the needs of their busy customers, especially those engaged on the phone and in virtual settings. Juggling between systems that don't communicate well is problematic, leading to long wait times, poor customer service and missed opportunities for agencies. QRP can also enable agencies with a full online end-to-end bind experience for their customers.

Created to solve these inefficiencies in the current insurance market, QRP allows agents to manage their entire workflow in one place, with one centralized platform that is fast and scalable. It uniquely enables insurance agents to pull rates from multiple major carriers in real time and permits them to bind policies seamlessly in the same work session. This significantly speeds up the sales process and provides better service for consumers.

QuinStreet is building on QRP's momentum and announces today that QRP is now commercially available for home insurance agencies, as well as auto insurance agencies. Personal lines agents can now access rates from multiple major home insurance carriers in real time and seamlessly bind policies in all 50 states, dramatically accelerating the sales process and facilitating improved service to consumers.

"Client response to QRP has been excellent, prompting us to further invest in building new features and scale our sales and marketing efforts," says Andreja Stevanovic, senior vice president and head of insurance for QuinStreet. "We anticipate similarly positive results as we begin to serve the home insurance marketplace."

"The early pipeline momentum and success of QRP's initial customers is encouraging, and we anticipate adding to those positive results as we begin to serve the home insurance marketplace," says Doug Valenti, QuinStreet's chief executive officer. "We are confident that QRP will deliver dramatic efficiencies in insurance agency work environments while continuing to improve customer satisfaction."

QRP is adaptable, able to connect with other third-party customer relationship management (CRM) software, and supports customer acquisition and leads. More information on pricing and other details can be obtained by contacting to the QRP business development team at: https://www.quinstreet.com/our-products/qrp

About QuinStreet, Inc.
QuinStreet, Inc. (Nasdaq: QNST) is a leader in providing performance marketplace technologies and services to the financial services and home services industries. QuinStreet is a pioneer in delivering online marketplace solutions to match searchers with brands in digital media. The company is committed to providing consumers with the information and tools they need to research, find and select the products and brands that meet their needs.

Legal Notice Regarding Forward Looking Statements
This press release and its attachments contain forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934 that involve risks and uncertainties.  Words such as "estimate", "will", "believe", "expect", "intend", "outlook", "potential", "promises" and similar  expressions are intended to identify forward-looking statements. These forward-looking statements include the statements in quotations from management in this press release, as well as any statements regarding the Company's anticipated financial results, growth and strategic and operational plans. The Company's actual results may differ materially from those anticipated in these forward-looking statements. Factors that may contribute to such differences include, but are not limited to: the impact from risks and uncertainties relating to the COVID-19 pandemic; the impact of changes in industry standards and government regulation including, but not limited to investigation or enforcement activities of the Federal Trade Commission and other regulatory agencies; the Company's ability to maintain and increase client marketing spend; the Company's ability, whether within or outside the Company's control, to maintain and increase the number of visitors to its websites and to convert those visitors and those to its third-party publishers' websites into client prospects in a cost-effective manner; the impact from risks relating to counterparties on the Company's business; the Company's ability to compete effectively against others in the online marketing and media industry both for client budget and access to third-party media; the impact of changes in our business, our industry, and the current economic and regulatory climate on the Company's quarterly and annual results of operations; the Company's exposure to data privacy and security risks; and the Company's ability to protect our intellectual property rights. More information about potential factors that could affect the Company's business and financial results are contained in the Company's annual report on Form 10-K and quarterly reports on Form 10-Q as filed with the Securities and Exchange Commission ("SEC"), including the Company's quarterly report on Form 10-Q for the quarter ended September 30, 2020 filed with the SEC on November 6, 2020. The Company does not intend and undertakes no duty to release publicly any updates or revisions to any forward-looking statements contained herein.

LinkedIn: https://www.linkedin.com/company/quinstreet

Media Contact

SSPR for QuinStreet
Alise Murawski
719-630-5052
QuinStreet@sspr.com

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SOURCE QuinStreet, Inc.

FAQ

What is the QuinStreet Rating Platform (QRP)?

QRP is an innovative rating platform designed to improve the efficiency of insurance agencies by allowing them to manage workflows and generate quotes from multiple carriers in one centralized application.

How has QRP impacted quote times for auto insurance?

QRP has reduced the time to quote and bind insurance policies by over 30%.

When was the QRP launched?

The QuinStreet Rating Platform was launched in December 2019.

What new market is QRP expanding into?

QRP has expanded into the home insurance rating marketplace.

How many agents are using QRP?

Currently, 17 large regional and national agencies with over 4,000 agents are utilizing the QRP.

What is the significance of QRP's quote delivery increase?

QRP has experienced a more than 15-fold increase in quotes delivered since March 2020, reflecting its growing adoption.