Crosspointe has been engaged in connecting consumers to healthcare insurance in a customer-centric environment

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EverQuote agrees to acquire Crosspointe. (Credit: Tumisu from Pixabay)

EverQuote, an online insurance marketplace, has agreed to acquire Crosspointe Insurance & Financial Services, an Indiana-based health insurance agency for an undisclosed price.

Crosspointe serves as a sales and decision support contact center. The company has been engaged in connecting consumers to healthcare insurance in a customer-centric environment.

Its acquisition is expected to speed up the extension of the digital distribution platform of EverQuote to a direct-to-consumer agency model within the health vertical.

The deal, in conjunction with EverQuote’s organically-developed, direct-to-consumer agency initiatives, is said to expand its ability to access the $130bn commission TAM portion of the overall spend on insurance distribution, shifting it online.

EverQuote CEO comments on the acquisition of Crosspointe

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 is claimed to have expanded its practice in the last 10 years by developing best-in-class business processes to offer high-quality, customised shopping experiences to consumers by making use of its deep sector expertise to adapt its product offerings continually to a constantly evolving healthcare environment.

According to EverQuote, health insurance like other verticals is undergoing a transformation from offline to online distribution. This transformation requires investment in artificial intelligence and data-driven experiences that still uses the care of a trusted agent while providing the ease of purchase experienced with online and mobile platforms, said the company.

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 is anticipated to be completed by the end of the third quarter subject to meeting of customary closing conditions.