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MarketScreener Homepage  >  Equities  >  Nasdaq  >  EverQuote Inc    EVER


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EverQuote : Launches Safe Driving Insurance Offers for EverDrive App Users

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09/07/2018 | 04:24am EDT

(GlobeNewswire) - EverQuote, Inc., the leading online insurance marketplace in the U.S. connecting consumers with insurance providers, recently launched its first safe driving discount offers within its industry leading, social safe driving app, EverDrive.

In partnership with leading telematics technology provider Octo Telematics, and insurance innovator, State Automobile Mutual Insurance Company (State Auto), drivers who enroll in EverDrives insurance offers feature can anonymously share their driving data and qualify for significant discounts of up to 50% on their auto insurance through EverDrives integration with Octos Driveability Marketplace and State Autos innovative safe driving insurance products.

With more than 500,000 downloads since the app was launched and over 2 Billion miles driven, EverQuotes EverDrive app is the most widely used non-carrier safe driving app in the U.S. and the source of EverQuotes Annual Safe Driving Report. The EverDrive app is available on the App Store and Google Play.

The EverDrive app addresses two key challenges facing the adoption of telematics technologies broadly:

It enables consumers to improve their driving behaviors while putting them in control of their driving data.

By enabling them to measure and improve key factors typically correlated with accidents and claims, such as speeding, harsh breaking and distracted phone use, drivers can assess and improve their scores before they share this information with insurance providers.

Users can engage in fun and friendly competition with friends and family members through integrated social media features and a rich set of self-measurement tools, assessing and improving their driving skills independent of any insurance provider.

When they feel comfortable doing so, they may opt-in to sharing their driving information anonymously to see if they qualify for potential insurance discounts and can then connect with a provider offer to complete their purchase at their discretion.

It provides insurers a ready and engaged audience of safe drivers they can rate in real-time without the typical overhead and assessment delays of traditional programs. EverDrive users must have adequate driving history logged in the app to qualify for a providers offer before they are scored. If they have opted in to insurance offers in EverDrive, they are presented with them if they have qualified status.

We believe EverDrives safe driving discounts are a major step-forward for the insurance industry, as the personalization of pricing and digital risk management represent the future of insurance. EverDrive is the first carrier-agnostic solution that helps drivers, their friends and family improve driving safety; putting them in control of their own data while accessing significant discounts from participating carrier partners. With over 160 insurance carriers in EverQuotes marketplace, were excited to open up a new channel for the distribution of safe driving products and are excited for additional partners to join the program as we continue to scale, said Seth Birnbaum, EverQuote CEO and Co-Founder.

About EverQuote Founded in 2011, EverQuote, Inc. operates the largest online marketplace for insurance shopping in the United States. The company`s goal is to reshape insurance shopping for consumers and improve the way insurance providers attract and connect with customers as insurance shopping continues to shift online. With over 10 million consumer visits per month, EverQuote`s results-driven marketplace, powered by the company`s proprietary data and technology platform, matches and connects consumers seeking to purchase insurance with relevant options from our broad direct network of insurance providers, saving consumers and providers time and money. For more information, visit EverQuote.com and follow on Twitter @EverQuoteInsure

About Octo Octo is the number 1 global provider of telematics and data analytics solutions for the auto insurance industry. Founded in 2002, Octo is one of the pioneers of the insurance telematics industry. Today, Octo is the largest and most experienced insurance telematics company in the world, transforming auto insurance through behavioral, contextual and driving analytics for more than 100 insurance partners.

Octo has more than 5.6 million connected users and the largest global database of telematics data, with over 207 billion miles of driving data collected and 447,000 crashes and insurance events analyzed (as of June 30, 2018). Octo applies proprietary algorithms to this market-leading database to deliver powerful new insights into driver risk, informing solutions that benefit both auto insurance companies and policyholders.

The company is headquartered in Rome, with offices in Boston, London, Stuttgart, Madrid, and Sao Paulo. http://www.octotelematics.com/ http://www.octousa.com

About State Auto State Automobile Mutual Insurance Company, headquartered in Columbus, Ohio, is a super regional property and casualty insurance holding company. The company is primarily engaged in writing personal and business insurance products exclusively through independent insurance agencies in 33 states and is proud to be a Trusted Choice company partner.

State Automobile Mutual is part of the State Auto Group, which is rated A- (Excellent) by the A.M. Best Company and includes State Automobile Mutual, State Auto Financial Corporation, State Auto Property & Casualty, State Auto Ohio, State Auto Wisconsin, Milbank, Meridian Security, Patrons Mutual, Rockhill Insurance, Plaza Insurance, American Compensation and Bloomington Compensation. Additional information can be found online at www.StateAuto.com.

Media Contact for EverQuote:

Ryan Ruffing rruffing@everquote.com (617) 206-6561

SOURCE EverQuote, Inc.

(c) 2018 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (Syndigate.info)., source Middle East & North African Newspapers

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Financials ($)
Sales 2019 201 M
EBIT 2019 -15,9 M
Net income 2019 -15,4 M
Finance 2019 35,0 M
Yield 2019 -
P/E ratio 2019 -
P/E ratio 2020
EV / Sales 2019 1,43x
EV / Sales 2020 1,22x
Capitalization 323 M
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Technical analysis trends EVERQUOTE INC
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Income Statement Evolution
Mean consensus OUTPERFORM
Number of Analysts 8
Average target price 12,7 $
Spread / Average Target 0,24%
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Seth N. Birnbaum President, Chief Executive Officer & Director
David B. Blundin Chairman
John Wagner CFO, Treasurer & Principal Accounting Officer
Tomas Revesz Chief Technology Officer
Eugene Suzuki Chief Information Officer
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