SelectQuote Partners With Rocket Lawyer to Provide Access to Legal Services Through the Insurance Buying Process

Rhea-AI Summary

SelectQuote (NYSE: SLQT) has partnered with Rocket Lawyer to enhance its consumer offerings. Starting September 2022, SelectQuote customers will have access to Rocket Lawyer's legal services while shopping for insurance. This collaboration aims to provide an affordable solution for legal needs, allowing members to create customizable documents and connect with attorneys. SelectQuote's VP of Business Development, Phil Williamson, emphasized the importance of understanding consumer needs to develop integrated services. The partnership seeks to improve customer confidence in managing legal affairs alongside insurance.

Positive

• Partnership with Rocket Lawyer enhances consumer offerings.
• Access to thousands of customizable legal documents for SelectQuote consumers.
• Proposed integration of legal services aligns with insurance needs.

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• None.

OVERLAND PARK, Kan.--(BUSINESS WIRE)-- SelectQuote, Inc. (NYSE: SLQT) announced today a partnership with Rocket Lawyer, a global leader in online legal services. SelectQuote, a pioneer of direct-to-consumer insurance shopping, will offer consumers the ability to gain access to Rocket Lawyer’s legal services through SelectQuote while shopping for insurance.

Starting in September 2022, SelectQuote will begin offering its consumers the ability to add a Rocket Lawyer membership, providing them an affordable and simple way to feel confident that they can quickly and easily find the legal help they need. Rocket Lawyer members get access to an online legal platform with thousands of customizable documents for individuals, families, businesses and real estate. Members can also file their taxes, enjoy unlimited use of the digital signature tool and easily connect with Rocket Lawyer’s network of attorneys to ask legal questions.

“We are extremely fortunate to learn valuable insights about our consumers’ needs and wants during the millions of conversations we have each year,” said Phil Williamson, Vice President of Business Development at SelectQuote. “The voice of the consumer is incredibly powerful and has allowed us to develop custom and differentiated offerings based on that feedback. From Life Insurance to Healthcare, the need for legal planning services — including custom legal documents, answers to legal questions, and filing services — is an important and natural fit within our portfolio.”

The partnership between SelectQuote and Rocket Lawyer will allow SelectQuote consumers to claim their Rocket Lawyer membership during the insurance selection process and have a dedicated team and customer service line. After claiming their Rocket Lawyer account, SelectQuote consumers will have the confidence of knowing they have access to professional legal services including thousands of legal documents and the ability to connect with Rocket Lawyer’s network of attorneys. Rocket Lawyer’s website and mobile app will also empower SelectQuote consumers to access legal help whenever and wherever they need it.

“The partnership with SelectQuote was a natural fit for Rocket Lawyer,” said Charley Moore, Founder and CEO of Rocket Lawyer. “It made perfect sense that while selecting insurance policies, folks also want to protect themselves and their loved ones with access to personalized legal services. According to a Rocket Lawyer survey, we found that almost 50% of Americans had not drafted a Will, which is an essential part of providing customers with the legal wellness they need as they start thinking about getting their legal affairs in order. We look forward to providing SelectQuote customers with all of the legal resources available through Rocket Lawyer Group Legal Benefits.”

“Partnering with Rocket Lawyer allows us to support consumers at a national level while staying true to our mission of helping people protect their most valuable assets and overall financial well-being at the best price — in a matter of minutes,” Williamson added.

Forward Looking Statement

This release contains forward-looking statements. These forward-looking statements reflect our current views with respect to, among other things, future events and our financial performance. These statements are often, but not always, made through the use of words or phrases such as “may,” “should,” “could,” “predict,” “potential,” “believe,” “will likely result,” “expect,” “continue,” “will,” “anticipate,” “seek,” “estimate,” “intend,” “plan,” “projection,” “would” and “outlook,” or the negative version of those words or other comparable words or phrases of a future or forward-looking nature. These forward-looking statements are not historical facts, and are based on current expectations, estimates and projections about our industry, management’s beliefs and certain assumptions made by management, many of which, by their nature, are inherently uncertain and beyond our control. Accordingly, we caution you that any such forward-looking statements are not guarantees of future performance and are subject to risks, assumptions and uncertainties that are difficult to predict. Although we believe that the expectations reflected in these forward-looking statements are reasonable as of the date made, actual results may prove to be materially different from the results expressed or implied by the forward-looking statements.

Our actual results may differ materially from those indicated in these forward-looking statements due to a number of important factors, including, but not limited to, the following: the ultimate duration and impact of the ongoing COVID-19 pandemic; our reliance on a limited number of insurance carrier partners and any potential termination of those relationships or failure to develop new relationships; existing and future laws and regulations affecting the health insurance market; changes in health insurance products offered by our insurance carrier partners and the health insurance market generally; insurance carriers offering products and services directly to consumers; changes to commissions paid by insurance carriers and underwriting practices; competition with brokers, exclusively online brokers and carriers who opt to sell policies directly to consumers; competition from government-run health insurance exchanges; developments in the U.S. health insurance system; our dependence on revenue from carriers in our senior segment and downturns in the senior health as well as life, automotive and home insurance industries; our ability to develop new offerings and penetrate new vertical markets; risks from third-party products; failure to enroll individuals during the Medicare annual enrollment period; our ability to attract, integrate and retain qualified personnel; our dependence on lead providers and ability to compete for leads; failure to obtain and/or convert sales leads to actual sales of insurance policies; access to data from consumers and insurance carriers; accuracy of information provided from and to consumers during the insurance shopping process; cost-effective advertisement through internet search engines; ability to contact consumers and market products by telephone; global economic conditions; disruption to operations as a result of future acquisitions; significant estimates and assumptions in the preparation of our financial statements; impairment of goodwill; potential litigation and claims, including IP litigation; our existing and future indebtedness; developments with respect to LIBOR; access to additional capital; failure to protect our intellectual property and our brand; fluctuations in our financial results caused by seasonality; accuracy and timeliness of commissions reports from insurance carriers; timing of insurance carriers’ approval and payment practices; factors that impact our estimate of the constrained lifetime value of commissions per policyholder; changes in accounting rules, tax legislation and other legislation; disruptions or failures of our technological infrastructure and platform; failure to maintain relationships with third-party service providers; cybersecurity breaches or other attacks involving our systems or those of our insurance carrier partners or third-party service providers; our ability to protect consumer information and other data; and failure to market and sell Medicare plans effectively or in compliance with laws. For a further discussion of these and other risk factors that could impact our future results and performance, see the section entitled “Risk Factors” in our most recent Annual Report on Form 10-K that we have filed with the Securities and Exchange Commission, and our subsequent filings with the Securities and Exchange Commission. Accordingly, you should not place undue reliance on any such forward-looking statements. Any forward-looking statement speaks only as of the date on which it is made, and, except as otherwise required by law, we do not undertake any obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise.

About SelectQuote:

Founded in 1985, SelectQuote (NYSE: SLQT) provides solutions that help consumers protect their most valuable assets: their families, health and property. SelectQuote pioneered the model of providing unbiased comparisons from multiple, highly-rated insurance companies allowing consumers to choose the policy and terms that best meet their unique needs. Two foundational pillars underpin the company’s success: a strong force of highly-trained and skilled agents who provide a consultative needs analysis for every consumer, and proprietary technology that sources and routes high-quality leads. SelectQuote has three core business lines: SelectQuote Senior, SelectQuote Life and SelectQuote Auto and Home. SelectQuote Senior, the largest and fastest-growing business, serves the needs of a demographic that sees 10,000 people turn 65 each day with a range of Medicare Advantage and Medicare Supplement plans. In 2021, SelectQuote expanded its business with the addition of Population Health, a healthcare services company, and SelectRx, a closed-door, long-term care pharmacy.

About Rocket Lawyer:

At Rocket Lawyer, we believe everyone deserves affordable and simple legal services. Our laws should protect and empower—but for too many of us, the law is a burden, because of high costs and complexity. So, we’re changing things. Since 2008, we’ve helped over 30 million businesses, families, and individuals obtain the legal help they need, at a price they can afford. That’s legal made simple.® Visit www.rocketlawyer.com for a free trial and follow us on Facebook, Twitter and LinkedIn.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220915005018/en/

Media:

Matt Gunter

Communications and Investor Relations

SelectQuote, Inc.

matt.gunter@selectquote.com

O: 913.286.4931

Source: SelectQuote, Inc.

FAQ

What is the significance of the SelectQuote and Rocket Lawyer partnership?

The partnership allows SelectQuote customers to access Rocket Lawyer's legal services while shopping for insurance, enhancing their overall consumer experience.

When will SelectQuote start offering Rocket Lawyer services?

SelectQuote will begin offering Rocket Lawyer services starting in September 2022.

What benefits do SelectQuote consumers gain from Rocket Lawyer?

SelectQuote consumers can create customizable legal documents, connect with attorneys, and file taxes with Rocket Lawyer's services.

How does the partnership align with SelectQuote's mission?

The partnership supports SelectQuote's mission by helping consumers protect their assets and manage legal and insurance needs efficiently.

What does the partnership mean for the future of SelectQuote?

The partnership indicates SelectQuote's commitment to broadening its service offerings and meeting diverse consumer needs in legal and insurance sectors.