EverQuote
| Company type | Public |
|---|---|
| Industry | Insurance, Online marketplace |
| Founded | 2011 |
| Founder | Seth Birnbaum, Tomas Revesz |
| Headquarters | Cambridge , United States |
Area served | United States |
Key people | Jayme Mendal (CEO) |
| Products | Automobile insurance, Home insurance, Health insurance, Life insurance |
| Website | everquote |
EverQuote, Inc. operates as a digital insurance marketplace established in 2011, with its main office located in Cambridge, Massachusetts.
Description
Originally concentrating on automobile insurance, EverQuote has broadened its portfolio to encompass home, health, and life insurance products. The service connects users with more than 70 insurance carriers and 5,000 agencies.
Utilizing data analytics, EverQuote matches consumers seeking insurance with providers preferred by individuals sharing similar characteristics. Instead of directly displaying quotes, the platform transmits user contact details to selected insurers, who then present customized pricing options. This method relies on analyzing past purchasing behaviors to recommend suitable coverage without showing prices upfront.
The company’s business model is based on lead generation; it earns referral fees from insurers when a policy sale occurs. Consumers access the platform’s services at no cost, and EverQuote maintains neutrality by not accepting payments from companies for placement in its recommendations.
History
EverQuote was created in Cambridge, Massachusetts by founders Seth Birnbaum and Tomas Revesz, who met while attending MIT. The company initially operated under the name AdHarmonics starting in 2008 and rebranded as EverQuote in 2011 to coincide with the launch of its online insurance marketplace.
The startup was part of the Cogo Labs incubator program and received backing from Link Ventures, a Massachusetts-based venture capital firm. In 2013, EverQuote moved into its own dedicated office space. By May 2015, notable executives including Sanju Bansal (founder of MicroStrategy) and John Lunny (CEO of Vestmark) joined the board of directors.
In October 2016, EverQuote raised $23 million in Series B financing from investors such as Savano Capital Partners, Stratim Capital LLC, Oceanic Partners, and T Capital Partners. At that time, the platform attracted 5 million visitors monthly and generated over $3 billion in premiums through upwards of 50 million referrals. The company secured an additional $13 million in 2017, increasing total Series B funding to $36 million. Mira Wilczek, formerly CEO of Cogo Labs, joined the board replacing Jonathan Shapiro. Since 2019, Paul Deninger has also been a board member.
Following the death of founder and CEO Seth Birnbaum in 2020, Jayme Mendal—who had been serving as company president—was appointed as the new CEO. This leadership change represented a pivotal moment for EverQuote’s strategic direction and growth.
Advertising
In 2016, EverQuote launched an online advertising campaign featuring images of young employees accompanied by captions such as "How 2 math grads are disrupting the insurance industry." This led to some confusion about their identities as founders. Co-founders Birnbaum and Revesz clarified that the campaign was intended to showcase EverQuote’s youthful and diverse workforce. After public criticism, the company paused the campaign in March 2017 and pledged to create clearer advertisements moving forward to prevent misunderstandings regarding roles.
EverDrive app
Also debuting in 2016 was the EverDrive mobile application, designed to evaluate driver safety by monitoring behaviors like phone usage while driving, speeding, acceleration patterns, cornering, and braking. Analysis of data collected from 25,000 users covering more than 30 million miles revealed that between one-quarter and one-third improved their driving scores within four months. This initiative reflects EverQuote’s dedication to developing innovative tools that boost customer engagement and promote safer driving habits.
See also
External links
- American companies founded in 2011
- Internet platforms launched in 2011
- 2011 establishments in Massachusetts
- United States online marketplaces
- Companies headquartered in Cambridge, Massachusetts
- Nasdaq-listed companies
- Initial public offerings in 2018
- American companies established in 2011
- Companies of the United States by year of establishment