Overstock.com to begin selling insurance products for a variety of sectors
Overstock.com is set to enter into the insurance market. The company specializes in discount retail, offering sales on a wide range of products and boasting of a massive inventory that grows by the day. The company has seen potential in the insurance market and has begun carrying insurance policies for those interested in shopping for such products online. These policies cover property, vehicle, and commercial insurance, with Overstock.com acting as a sort of insurance exchange.
Insuritas provides backbone for Overstock insurance initiative
Visiting the retailer’s website, consumers will be able to find insurance products based on their interests. They will also be able to find quotes for the products that they are most interested in and will be able to manage the policies they buy through the Overstock.com website. The company has partnered with Insuritas, a developer of cloud-based services for insurance agencies, in order to make this initiative possible.
Major insurance companies are offering products through Overstock.com
Some major insurance companies are underwriting the policies being offered through Overstock.com. These insurers will be responsible for the policies that are purchased by consumers, with Overstock.com serving as little more than a sales platform. The initiative is part of Overstock.com’s ongoing goal of providing consumers with access to low-cost, yet high-quality products that cannot be found elsewhere at an affordable price. The company has seen great success in this endeavor over the years and expects to see a great deal of interest from consumers in regards to its entry into the insurance market.
Insurance industry is beginning to turn to retailers in order to engage consumers more aggressively
Retailers are beginning to play a larger role in the sale of insurance products. A growing number of retailers are beginning to sell these products as insurance companies continue to look for new ways to engage consumers in their chosen markets. Retailers may become one of the best ways for insurance companies to reach out to consumers due to their already expansive exposure. Retailers are serving as exchange marketplaces for insurers, but are cutting out insurance agents in some cases.