Overstock.com Partners with Insuritas to Distribute Insurance Products

The relationship creates an “insurance exchange” that lets the national online retailer’s customers compare quotes on auto, home and small business insurance.

(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.

Teri Ryan // Teri Ryan is the Business Director at Insurance Innovation Reporter. She has been with the magazine since its launch in 2013. Prior to her current role, she had most recently worked as a freelance technical writer on topics relating to the use of IT in the insurance industry. She has previously worked as a B-to-B account manager, selling specialty ingredients to personal care companies. She can be reached at TeriRyan@IIReporter.com

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