Everquote, Insurify, QuoteWizard Gained Traffic by ~30% February 2023

February 2023 online insurance marketplace update finds most players gaining, but Policygenius and Lemonade losing share

Digital marketplaces have changed the insurance business in recent years, and several of the leaders experienced significant year-over-year gains in February. However, Policygenius traffic was down 15.3%, and both Policygenius and Lemonade saw their share of traffic dip.

Key takeaways

• Traffic leader Everquote saw a 29.8% increase in desktop and mobile web traffic, according to Similarweb estimates. Insurify traffic was up 33%, and QuoteWizard (a service of LendingTree) gained 29.1%. This analysis is based on traffic from within the US.
• Policygenius was the only site to see a year-over-year drop, with traffic down 15.3% year-over-year, but traffic to the Lemonade site was relatively flat, up 1.7%. Measured by share of traffic within the competitive set we’re tracking, Policygenius was down 3.3 points, and Lemonade was down 2.2. Everquote.com made the biggest gain, up 2.4 points of traffic share.
• Most of these sites saw traffic drop from January to February, although Insurify was up 23.8% month-over-month.

We track these numbers as indicators of market momentum.

Most insurance marketplaces saw year-over-year gains

Insurance marketplaces seem to be prospering, overall, from their promise of allowing consumers to shop for the best rates.

A dip from January to February

The first month of the year was stronger for most of these players than February. This appears to be a seasonal norm, where insurance market leaders saw a similar January-to-February drop in 2021 and 2022. Insurify’s growth may reflect the acquisitions it has been making, including Inspop earlier this year and the just-announced plan to acquire Compare.com.

Everquote, The Zebra, Insurify, and Quote Wizard gained traffic at the expense of Lemonade and Policygenius

Share of traffic hints at which players are taking market share from competitors.

Public companies mentioned in this report include Everquote (NASDAQ: EVER), Lemonade Inc. (NYSE: LMND), and Lending Tree Inc. (NASDAQ: TREE).

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Methodology

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Photo by Scott Graham on Unsplash