EVER CFO says carriers shift from rate hikes to growth, boosting digital ad spending and policy acquisition demand.
EverQuote (NASDAQ:EVER) is capitalizing on a rebound in the property and casualty insurance sector as carriers pivot from restoring underwriting profitability to expanding policy volumes. The company’s CFO Joseph Sanborn said carriers have achieved “rate adequacy” after years of price increases, now focusing on growth through digital channels like EverQuote’s marketplace.
The industry’s combined ratios, a key underwriting health metric, have improved, allowing carriers to invest in digital customer acquisition. Sanborn noted broader carrier participation, including a top-five insurer re-entering digital channels after a prolonged absence. Most states have stabilized post-COVID, with California nearing 90% recovery.
Sanborn framed the shift as a structural opportunity, with carriers prioritizing digital growth over further rate adjustments. The company expects the trend to support its path toward $1 billion in revenue.