QuickInsurance: The Race to Click and Close.

BACKGROUND:

Steven Aldrich launched Interactive indemnity, an online indemnification.com portal, in July 1995. Less than 1-year later, Aldrich sold the company to grok, Inc for $10 million and in the summer of 2000, Aldrich transitioned from his social occasion as widely distributed manager, QuickenInsurance, to general manager, Quicken.com (www.quicken.com). The reason Aldrich sold Quicken Insurance to Intuit was because he was having problems convincing indemnification carriers to join his services. In exchange the company to Intuit, which is well known and well respected brand, Aldrich would dramatically increased the companys credibility with both suppliers and customers.

1995, the US insurance market place was a $270 billion dollar market. By 1996 the growth of spirit and auto insurance had slowed and the industry was large, in efficacious and fragmented. Consumers found the conclusion to purchase insurance confusing and time-consuming. Insurance policy features, feel of service and cost varied among casualty insurance providers. Insurance carriers sold wares through agents who received a commission for separately product sold. Agents provided value to the carriers by; generating leads, educating the consumer, providing personalized customer service, ingathering information and processing applications and evaluating claims.



Agents provided value to the consumer by; providing a one-stop-shop for insurance needs, providing a atomic number 53 point of contact for selecting the right product for the right price to meet the insurers needs, enabling a single point of data entry and storage profiles and enabling efficient processing of applications and purchases.

ANALYSIS:

The Internet was becoming an attractive alternative dissemination channel for less complex insurance products including automobile, term life, homeowner, idiosyncratic health and renter insurance. The insurance industry was slow to worry advantage of this new business model but analysts predicted that the online insurance industry showed significant market potential. As Aldrich transitions into his new role as general manager, Quicken.com, strategies need to...

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