Magazine article American Banker

Nevada On-Line Quote Firm Eyeing Banks

Magazine article American Banker

Nevada On-Line Quote Firm Eyeing Banks

Article excerpt

The QuickQuote Insurance Agency, a two-year-old company that offers Internet quotes and comparisons for term life insurance and fixed annuities, says it is slowly but surely establishing itself with banks.

The Incline Village, Nev., company has nearly a dozen banks signed up. Though QuickQuote has several competitors-such as Marketing One in Portland, Ore., and Coverdell & Co. in Atlanta-it claims to be the first on- line quote service.

And it's believed to have the most bank customers of any on-line quote service. The company, which also sells directly from its home page and through brokerages and independent agents, should break even within about two months, said Debra J. Wager, its senior vice president of marketing.

Adding more profitable insurance products will bring further success in coming months, she predicted. Ms. Wager's husband, Daniel J. Wager, 43, is QuickQuote's president. Banks, which account for as much as half of QuickQuote's business, are ambivalent about on-line quote services even as they embrace them.

Andrea Martin, president of Comerica Insurance Services in Detroit, said QuickQuote has a "great reputation" but added that the bank signed on in May largely as a hedge in case the business takes off. "All of it is really in its infancy at this point," said Ms. Martin.

Kenneth Kehrer, an insurance consultant in Princeton, N.J., said the on line quote service could be a big revenue generator one day, but "so far it hasn't been. …

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