Insurance shopping isn’t fun, but buying a stock that benefits from online insurance ad spending is more than fun. EverQuote, Inc. (EVER) is an online marketplace for insurance shopping in the United States and on Monday, the company’s shares saw an increase of +3.99% bringing the price up to $46.86.
EverQuote’s online insurance platform is built to take advantage of a transition in how insurance providers aim to reach new clients. EverQuote offers a forum that helps potential customers to match premiums quickly, given that insurance shoppers are particularly cost-conscious. As for insurers, it presents them with highly oriented buyers willing to purchase or leap ship from their present supplier.
EverQuote does not only rely on a particular indication of insurance. Although its bread and butter have always been car insurance, it has started to grow vertically in the insurance sector to cover the house, homeowners, housing, and life insurance as well. These other applications are increasing far faster than car insurance, which ensures that EverQuote’s topline growth for the near future will stay sustainably strong.
Investors should therefore not underestimate just how big the market is for ad spending on digital insurance. In 2020, an estimated $146 billion was expended on insurance marketing, $5.6 billion of which was internet advertising. For the next four years, this digital investment is projected to rise by 16 percent annually. By 2024, that means it would almost double. With the right commodity, EverQuote is clearly in the right position at the right moment.
In The Boston Globe’s 13th annual employee-based survey initiative, EverQuote has been named one of the Best Places to Work in Massachusetts. In the group of major employers, EverQuote was ranked #23.
The Best Places to Work rankings are based on anonymous survey details obtained from more than 80,000 people in 285 Massachusetts companies by Energage, an independent firm specialized in employee participation.
Elyse Neumeier, EverQuote, Inc. (EVER) Chief People Officer said that our workers are united by our common goal to be the world’s largest online provider of insurance plans and use data and technologies to make insurance faster, more accessible, and customized.