EverQuote, Inc. (EVER): History, Ownership, Mission, How It Works & Makes Money

Looking for an easier way to shop for insurance? EverQuote, Inc. (EVER) operates an online marketplace designed to simplify the insurance shopping experience, but how exactly does it work and make money? Founded in 2011, EverQuote has grown into a leading player in the insurance industry, reporting a total revenue of $500.2 million in 2024, a 74% increase year-over-year, with adjusted EBITDA reaching nearly $60 million, so keep reading to discover its history, ownership, mission, and business model.

EverQuote, Inc. (EVER) History

EverQuote's Founding Timeline

Year established

EverQuote was established in 2011.

Original location

The company was originally located in Cambridge, Massachusetts.

Founding team members

The founding team members include:

• Seth Birnbaum
• Tomas Revesz

Initial capital/funding

In 2011, EverQuote secured $3.1 million in seed funding. This initial capital was crucial for developing their platform and beginning operations.

EverQuote's Evolution Milestones

EverQuote's Transformative Moments

• Transition to a Public Company (2018): Going public provided EverQuote with significant capital, enhancing its visibility and credibility in the market. The IPO allowed the company to invest more aggressively in technology, marketing, and strategic acquisitions.
• Strategic Acquisitions: Acquisitions such as PolicyPilot helped EverQuote to integrate advanced technologies and expand its service offerings. These moves improved the platform's functionality and provided a better user experience.
• Expansion into New Verticals: Diversifying into new insurance verticals like renters and homeowners insurance broadened EverQuote's market reach and reduced its reliance on auto insurance, creating a more resilient business model.
• Focus on AI and Machine Learning: Investing in AI and machine learning allowed EverQuote to personalize the insurance shopping experience, improve matching algorithms, and reduce customer acquisition costs, leading to better customer satisfaction and profitability.

To gain more insights, check out: Mission Statement, Vision, & Core Values of EverQuote, Inc. (EVER).

EverQuote, Inc. (EVER) Ownership Structure

Understanding the ownership structure of EverQuote, Inc. (EVER) provides insight into who controls the company and how it's governed. A breakdown of ownership percentages and key leadership figures helps stakeholders understand the decision-making dynamics within the organization.

EverQuote, Inc.'s Current Status

EverQuote, Inc. is a public company, trading on the NASDAQ under the ticker symbol EVER. As a publicly traded entity, its shares are available for purchase by the general public, and its ownership is distributed among various institutional and individual investors.

EverQuote, Inc.'s Ownership Breakdown

The ownership of EverQuote, Inc. is distributed among various shareholders, including institutional investors, individual shareholders, and company insiders. The following table summarizes the ownership breakdown:

EverQuote, Inc.'s Leadership

The leadership team at EverQuote, Inc. is responsible for setting the strategic direction of the company and overseeing its operations. Key members of the leadership team include:

• Jayme Mendal: Chief Executive Officer
• John Wagner: Chief Financial Officer
• Erin Pitera: General Counsel

These individuals, along with other members of the executive team, guide the company's strategic initiatives and ensure its operational efficiency. You might also be interested in reading more about the Mission Statement, Vision, & Core Values of EverQuote, Inc. (EVER).

EverQuote, Inc. (EVER) Mission and Values

EverQuote's mission is to empower consumers to make confident and informed insurance decisions while connecting them with the right providers. The company values innovation, customer focus, and a commitment to driving positive change in the insurance industry.

EverQuote's Core Purpose

Official mission statement

EverQuote's official mission statement is: 'To empower consumers to save time and money by simplifying complex insurance decisions.'

• EverQuote aims to provide a seamless and transparent platform where consumers can easily compare quotes from multiple insurance providers.
• The company focuses on leveraging data and technology to offer personalized recommendations and guidance, ensuring consumers find the right coverage at the best price.

Vision statement

While a specific, formally declared vision statement may not be publicly available, EverQuote's vision can be inferred from its strategic goals and overall direction:

• To become the leading online marketplace for insurance, transforming how consumers shop for and purchase policies.
• To create a trusted and reliable platform that simplifies the insurance process, making it more accessible and efficient for everyone.

Company slogan/tagline

EverQuote uses the tagline 'Smarter Insurance Shopping.'

• This tagline encapsulates the company's commitment to providing consumers with the tools and information they need to make informed decisions.
• It emphasizes the ease and convenience of using EverQuote's platform to compare quotes and find the best insurance options.

For more detailed insights into EverQuote's financial performance and stability, check out: Breaking Down EverQuote, Inc. (EVER) Financial Health: Key Insights for Investors

EverQuote, Inc. (EVER) How It Works

EverQuote operates an online marketplace, primarily connecting consumers seeking insurance with relevant insurance providers. They leverage data and technology to match customers with the right policies, streamlining the insurance shopping process.

EverQuote's Product/Service Portfolio

EverQuote's Operational Framework

EverQuote's operations are centered around its online marketplace, which utilizes proprietary technology and data analytics to connect insurance shoppers with insurance providers. Here's a breakdown:

• Consumer Acquisition: EverQuote attracts consumers through online advertising, search engine optimization (SEO), and content marketing.
• Data Collection: When a consumer visits EverQuote's website, they provide information about their insurance needs, such as their age, location, driving history, or property details.
• Matching Algorithm: EverQuote's algorithm analyzes the consumer's data and matches them with insurance providers that are most likely to offer them a competitive quote.
• Lead Generation: EverQuote sells these leads to insurance providers, who then contact the consumer directly to provide a quote and potentially sell them a policy.
• Technology Platform: The company's technology platform facilitates the entire process, from consumer acquisition to lead delivery, and provides data and analytics to both consumers and insurance providers.

EverQuote's Strategic Advantages

• Data and Technology: EverQuote's proprietary data and technology platform provide a competitive advantage by enabling them to efficiently match consumers with the right insurance providers.
• Scalable Business Model: The company's online marketplace model is highly scalable, allowing them to expand into new insurance verticals and geographic markets without significant capital investment.
• Large and Growing Market: The insurance industry is a large and growing market, providing EverQuote with significant opportunities for growth.
• Diversified Revenue Streams: While primarily focused on auto insurance, EverQuote has diversified its revenue streams by expanding into other insurance verticals, such as home, life, and health insurance.

To gain more insights into EverQuote's mission, vision, and core values, you can visit: Mission Statement, Vision, & Core Values of EverQuote, Inc. (EVER).

EverQuote, Inc. (EVER) How It Makes Money

EverQuote, Inc. primarily operates an online marketplace for insurance shopping, connecting consumers with insurance providers. They generate revenue mainly by charging insurance providers for consumer referrals and clicks.

EverQuote,Inc. Revenue Breakdown

A detailed breakdown of EverQuote's revenue streams reveals how the company generates income through its various segments.

EverQuote, Inc. Business Economics

EverQuote's business economics are shaped by its position as a leading online insurance marketplace. The company's revenue is closely tied to its ability to generate high-quality leads and match them effectively with insurance carriers.

• Cost of Revenue: The primary costs include advertising to attract consumers to its platform and the costs associated with operating its technology infrastructure.
• Pricing Strategy: EverQuote employs a variable pricing model, where the cost per lead or click varies based on factors such as the type of insurance, geographic location, and consumer demographics.
• Economic Moat: EverQuote's economic moat is supported by its brand recognition, extensive network of insurance providers, and proprietary technology that optimizes lead generation and matching.

EverQuote, Inc. Financial Performance

Analyzing EverQuote's financial performance provides insights into the company's overall health and growth trajectory.

• For the year 2024, EverQuote's total revenue was $476.1 million, representing a 13% increase compared to 2023.
• Gross profit for 2024 was $335.7 million, with a gross margin of 70.5%.
• The company's net loss for 2024 was $16.6 million, an improvement from the $24.9 million net loss in 2023.
• Adjusted EBITDA for 2024 was $23.4 million, compared to $17.9 million in 2023.
• As of December 31, 2024, EverQuote had cash and cash equivalents of $49.3 million.

Further insights into EverQuote's financial health can be found here: Breaking Down EverQuote, Inc. (EVER) Financial Health: Key Insights for Investors

EverQuote, Inc. (EVER) Market Position & Future Outlook

EverQuote is strategically positioned in the online insurance marketplace, leveraging data and technology to connect consumers with relevant insurance providers. The company's future outlook hinges on its ability to innovate its platform, expand its network of insurance partners, and capitalize on the increasing demand for online insurance shopping.

Competitive Landscape

Opportunities & Challenges

Industry Position

EverQuote operates within the dynamic and evolving online insurance marketplace. The company's industry standing can be characterized by:

• Technology-driven approach: EverQuote distinguishes itself through its data-driven platform that aims to provide personalized insurance quotes and recommendations.
• Partnerships: The company collaborates with a wide array of insurance carriers, enhancing its ability to offer diverse options to consumers.
• Market expansion: While already a significant player, EverQuote seeks to further expand its market presence by reaching new customer segments and geographies.

To gain more insights into the company's financial stability and growth potential, consider reading: Breaking Down EverQuote, Inc. (EVER) Financial Health: Key Insights for Investors.