(Photo credit: Shutterstock.)
Overstock.com, Inc. has partnered with Connecticut-based Insuritas to offer vehicle, residential and small business insurance directly from its online shopping site. In doing so, Overstock.com has joined the growing ranks of non-traditional insurance distribution channels. The large, Utah-based, discount outlet has added an insurance tab to create a de facto “insurance exchange, which lets consumers compare live quotes for insurance…” says the firm’s CEO Patrick M. Byrne. He adds that shoppers can pay for their new insurance and have their policies go into effect directly from the site. Furthermore, clients can manage their policies online through Overstock.com.
The relationship with Overstock.com provides Insuritas with an extraordinary opportunity to use its insurance agency solution to partner with one of the nation’s top-ranked e-commerce platforms, says Jeffrey Chesky, the company’s president and CEO. “Calling it a ‘game changer’ for the industry and us is not overstating it,” he comments. “Our solution will provide Overstock with its own, private labeled, full-service insurance aisle.”
Overstock.com is a national retailer aimed at budget-minded shoppers looking for deals on quality housewares, electronics, clothing and jewelry. Insuritas is a provider of cloud-based, private-labeled insurance agencies. The firms characterize their new offering as a boon to the millions of consumers who are looking for more affordable insurance.