• Expedia for insurance
• LendingTree for insurance
• Kayak for insurance

• Online Insurance Marketplace: Connects consumers with personalized insurance quotes from multiple providers across various lines (auto, home, life, health) to facilitate comparison shopping and policy purchase.
• Insurance Carrier & Agent Solutions: Provides performance marketing services to insurance carriers and agents, delivering qualified customer leads and traffic to their sales channels.

EverQuote (Symbol: EVER) - Major Customers

EverQuote (NYSE: EVER) operates an online insurance marketplace that connects consumers seeking insurance with insurance providers. The company sells primarily to other companies, specifically various entities within the insurance industry, which purchase referrals (leads) or advertising space from EverQuote.

According to EverQuote's public filings, no single customer accounted for 10% or more of its total revenue for recent fiscal years. This indicates a diversified customer base rather than reliance on a few "major" individual companies. Therefore, while EverQuote serves a broad network of insurance providers, it does not disclose specific major customers by name and symbol due to this diversification.

EverQuote's customer companies generally fall into the following categories:

• Insurance Carriers: Large national, regional, and specialized insurance companies that offer various types of policies (e.g., auto, home, life, health, renters, etc.). These carriers purchase qualified leads from EverQuote to acquire new policyholders. While EverQuote partners with a wide range of well-known carriers (such as those under Berkshire Hathaway, Progressive, Allstate, Liberty Mutual, Farmers, etc.), none individually constitute a "major customer" by revenue concentration.
• Insurance Agents and Agencies: This category includes independent insurance agents, captive agents (who represent a specific carrier), and larger multi-carrier agencies. These agents and agencies utilize EverQuote's platform to obtain leads and expand their client base by connecting with consumers actively seeking insurance.

• Google (GOOGL)
• Meta Platforms, Inc. (META)
• Microsoft Corporation (MSFT)
• Amazon Web Services (parent company: Amazon.com, Inc.) (AMZN)

Jayme Mendal, Chief Executive Officer
Jayme Mendal leads all business, strategy, and growth at EverQuote. Prior to joining EverQuote, he served as Vice President of Sales and Marketing at PowerAdvocate, Inc., and before that, he worked within the Growth Strategy Division of Monitor Deloitte (formerly Monitor Group) as a management consultant. Mendal holds a degree in Finance and Economics from Washington University in St. Louis and an MBA from Harvard Business School. He joined EverQuote in 2017 as Chief Revenue Officer, then served as Chief Operating Officer before being appointed CEO in November 2020. His career reflects a deep commitment to driving growth and innovation, particularly in the custom programming and financial services industries. Mendal is recognized for his strategic planning capabilities and has a proven track record in managing teams and executing mergers and acquisitions.

Joseph Sanborn, Chief Financial Officer
Joseph Sanborn leads corporate development, business operations and planning, and strategic finance at EverQuote. He was appointed Chief Financial Officer in June 2023. Prior to EverQuote, Sanborn spent over two decades as a technology investment banker at firms including J.P. Morgan, Robertson Stephens, Silicon Valley Bank, and JEGI-Clarity. He joined EverQuote in September 2019 as Senior Vice President of Corporate Development and Strategy. Sanborn received his M.P.P. in Business Regulation Policy from Harvard University and a B.S. in Business Administration from Georgetown University.

David Brainard, Chief Technology Officer
David Brainard serves as the leader of marketplace-wide engineering teams and platforms at EverQuote, covering areas such as advertising, consumer & provider experiences, auctions, analytics, machine learning, security, and IT. Before joining EverQuote, he led software development at companies including Wayfair, Liberty Mutual, and Bank of America. Brainard earned his Master's degree from Boston University and his B.A. from Wayne State University.

Hunter Ingram, Chief Commercial Officer
Hunter Ingram leads business development at EverQuote. He first entered the insurance industry in 2003, where he started multiple insurance agencies. Ingram then ventured into lead generation, founding and serving as CEO of HometownQuotes. Prior to his role at EverQuote, he held the position of Chief Revenue Officer at Precise Leads.

Eric Terada, Chief Growth Officer
Eric Terada leads EverQuote's consumer acquisition teams. His previous experience includes leading performance transformations at Wayfair and McKinsey & Company. Terada holds an MBA from The University of Chicago and a B.A. from Northwestern University.

The key risks to EverQuote's business are:

1. Heavy Reliance on Auto Insurance and Customer Concentration: EverQuote's revenue is highly concentrated in the auto insurance vertical, with the automotive segment constituting approximately 90.6% of its marketplace business in Q3 2025. Furthermore, the company faces significant customer concentration risk, as one major carrier accounted for 39% of its total revenue in 2024. This makes the company particularly vulnerable to cyclical downturns in the property and casualty (P&C) market, where insurance carriers may reduce advertising spend if their underwriting performance declines. The loss of such a large client could be catastrophic.
2. Reliance on Third-Party Media Sources and Rising Advertising Costs: EverQuote's customer acquisition model heavily depends on third-party media sources like Google and Facebook to generate consumer traffic. This reliance exposes the company to risks associated with increasing advertising costs and potential changes in the algorithms or policies of these platforms. Rising online ad prices, which represent a significant cost for the company, could negatively impact its profitability.
3. Regulatory and Legal Risks, including Consumer Data Privacy and Dissatisfaction: The online lead generation business for the insurance industry is subject to various regulations, including those related to consumer data privacy, such as the Telephone Consumer Protection Act (TCPA) and state-specific regulations. Non-compliance with existing or new regulations could lead to substantial costs, limitations on marketing reach, or legal challenges. Additionally, consumer dissatisfaction with EverQuote's services or platform experience could result in a decline in the number of referrals, adversely affecting the business.

The emergence and growth of embedded insurance models, where insurance products are seamlessly integrated into the purchase journey of related goods or services (e.g., car insurance offered at the point of vehicle purchase, renters insurance integrated with a lease agreement). This trend bypasses traditional insurance comparison and acquisition channels, potentially reducing the pool of consumers actively searching for insurance on marketplaces like EverQuote.

EverQuote, Inc. (EVER) operates within significant addressable markets for its insurance marketplace products and services, primarily focusing on the U.S. region for its core offerings.

The company estimates its total addressable market to be over $123 billion annually in the long term, with an immediate opportunity exceeding $2.9 billion per year.

For its core Property & Casualty (P&C) insurance distribution and advertising, the total U.S. market opportunity is estimated at $117 billion.

EverQuote's main product focus includes:

• Auto Insurance: This is EverQuote's largest segment. The auto insurance vertical generated $446.1 million in revenue for the company in 2024. There is an emerging new industry in auto insurance, marked by innovative pricing and distribution, valued at $100 billion.
• Home and Renters Insurance: This is another key vertical for EverQuote, with revenue from this segment reaching $52.0 million in 2024.

EverQuote exited its health insurance vertical on June 30, 2023. In fiscal year 2022, the health insurance vertical represented approximately 10% of EverQuote's revenue.

More broadly, the global digital insurance platform market is projected to grow from USD 116.16 billion in 2025 to USD 207.52 billion by 2030. The global Insurtech market was valued at $5.45 billion in 2022 and is projected to reach $161 billion by 2030.

• AI-Driven Product Innovation and Expansion: EverQuote plans to extend its AI bidding tools, such as Smart Campaigns, to a wider customer base, including local agents. The company is also developing conversational AI for call workflows. These AI-powered innovations are anticipated to enhance client spending and overall marketplace performance.
• Expansion into New Traffic Channels: The company is strategically investing in and scaling new traffic acquisition channels, including social media, video, display advertising, connected TV, and AI search. These investments are expected to generate higher volumes and improved efficiency as campaigns mature.
• Sustained Carrier Demand and Increased Spend from Existing Partnerships: EverQuote anticipates continued robust demand from insurance carriers for customer acquisition. A significant portion (approximately 80%) of its top 25 historical carrier partners were below their peak quarterly spend in Q3 2025, indicating substantial potential for further growth from existing relationships.
• Growth in Core Insurance Verticals: EverQuote has demonstrated strong year-over-year growth in its Automotive and Home and Renters insurance verticals. The company's strategic focus on these core segments, driven by increased carrier marketing budgets and an emphasis on customer growth, is expected to continue contributing to revenue expansion.
• Increasing Online Insurance Adoption and Demand for Personalized Experiences: Favorable market trends, such as the growing consumer embrace of digital channels for insurance shopping and a rising demand for personalized experiences, are expected to fuel EverQuote's growth. The company's AI-driven personalization capabilities are well-positioned to capitalize on these shifts.

Share Repurchases

• EverQuote's Board of Directors approved a share repurchase program authorizing the company to purchase up to $50.0 million of its Class A common stock, announced on August 4, 2025.
• As part of this $50 million program, EverQuote repurchased 900,000 shares of its Class A common stock for $21 million from Link Ventures, an entity affiliated with its Chairman and Co-Founder David Blundin, announced on August 11, 2025.

Capital Expenditures

• In the last 12 months, EverQuote's capital expenditures were -$4.90 million.
• Capital expenditures have remained consistent at approximately $0.8 million to $1.5 million per quarter, indicating steady investment in property and equipment.
• From 2019 to 2024, the company's cash flow from operations was sufficient to cover acquisitions and capital expenditures, with an average reinvestment of $10 million during this period.