Online insurance marketplace EverQuote has reached an agreement to buy Crosspointe Insurance & Financial Services for an undisclosed amount.
The Indiana-based health insurance agency serves as a sales and decision support contact center. It connects consumers to healthcare insurance in a customer-centric environment.
The acquisition is part of EverQuote’s strategy to accelarte the extension of its direct-to-consumer agency model within the health vertical.
The deal is said to expand the company’s ability to access the $130bn commission TAM portion of the overall spend on insurance distribution, shifting it online.
EverQuote CEO Seth Birnbaum said: “Crosspointe’s agency expertise and carrier relationships, combined with EverQuote’s data-driven insurance marketplace platform, consumer volume, and distribution, will position us to deepen our customer engagement, further diversify and grow revenues, and capitalize on the expanding market opportunity in health insurance.
“I am pleased to welcome Josh, Drew and the entire Crosspointe team, who share our cultural roots in bootstrapping, heart, tenacity, and data-driven optimization.”
Crosspointe co-founder Drew Shockley said: “Crosspointe is very excited about the opportunity to partner with EverQuote’s data and tech-centric culture to help bring our offerings to a broader range of consumers who are increasingly looking online for insurance.
“Together we are uniquely positioned to address the growing diversity of products in the individual and family health, Medicare, and ancillary health product categories, with consumers’ desire for thoughtful guidance in unified destination advisory and distribution platforms.”
The deal, subject to meeting of customary closing conditions, is expected to close by the end of the third quarter.