On Monday, Overstock.com, Inc. announced it is now offering insurance for vehicle, residential and small businesses on its online shopping site.
Overstock.com has partnered with Insuritas for this launch of its insurance solution.
“Overstock’s mission is to offer high-quality products at low prices in order to save people money, and the launch of our insurance tab fits this mission beautifully. Our insurance tab is, in effect, an insurance exchange, which lets consumers compare live quotes for insurance on residential, vehicle, and small business insurance, and bind (that is, pay for and have go into effect) insurance policies right from our site,” said Overstock.com CEO Patrick M. Byrne in a media statement. “This is insurance done right,” Byrne said
By visiting Overstock.com’s insurance homepage, shoppers can get a personalized, on-screen quote to confirm they have found the most affordable insurance solution to fit their needs. Once shoppers have elected an insurance plan, they can then manage their policy online from the Overstock.com site.
Overstock.com offers a range of policies from boat and snowmobile insurance to workers comp, Overstock.com offers a range of policies.
“Millions of consumers are looking for more affordable insurance. We’re here to help,” added Byrne.
In Insuritas’ statement last week, Jeffrey Chesky, President and CEO of Insuritas, said: “Calling [this] a ‘game changer’ [is] not overstating it. Our solution will provide Overstock with its own, private labeled, full-service insurance aisle.”
Mr. Chesky added, “We continue to be tightly focused on helping our clients build a powerful stream of annuitizing, non-cyclical fee income with our turnkey insurance agency solution. Our online agency technology platform is helping banks and credit unions convert their massive online banking traffic into recurring revenue, transforming their web portals from static ‘brochure sites’ to dynamic ‘e-commerce sites,'” he said, suggesting that lessons learned from the Overstock partnership could “prove transformative” for Insuritas’ financial institution partners as well.
Overstock.com is a discount online shopping retailer based in Salt Lake City, Utah that sells a broad range of products including furniture, rugs, bedding, electronics, clothing, jewelry and cars.
Insuritas enables financial institutions to own an insurance agency solution without the significant capital investments or operational risks of building or buying an agency. Insuritas is a leading BPaaS provider of a cloud-based banking solution that is driving strong revenue growth tied to the high demand for web-based services from financial institutions as they focus on generating new sources of fee income. Insuritas provides secure, cloud-based virtual banking solutions for regional and community financial institutions, allowing these institutions to deliver a comprehensive suite of financial/insurance products to their retail and commercial account holders.
Sources: Overstock.com; Insuritas