NU Online News Service, Oct. 24, 2003, 11:13 a.m. EDT – ComparisonMarket Inc., Cleveland, has picked Quotesmith.com Inc., Darien, Ill., to run the life and health insurance section of Insurance.com, a Web-based quote service at http://www.insurance.com
Quotesmith, in turn, will continue an arrangement for referring qualified auto insurance shoppers to ComparisonMarket.
ComparisonMarket, a company that has specialized in developing a Web-based auto insurance quote service, acquired the Insurance.com site from Fidelity Investments, Boston, in July.
Quotesmith, which runs an insurance sales site of its own at http://www.insure.com, plans to take over Insurance.com life and health sales in January 2004.
The value of the deal and other terms were not immediately available, but Quotesmith says it hopes its Insurance.com sales will begin generating commission payments in April 2004. Phil Perillo, Quotesmith’s chief financial officer, predicts the deal will generate $2 million in revenue and $300,000 in net profits for Quotesmith in 2004.