FOR IMMEDIATE RELEASE
August 20, 2014
Leading online small business insurance agency placed #107 overall.
CHICAGO—August 20, 2014—Insureon, the nation's leading online insurance platform for small businesses, today announced it was named the fastest-growing insurance company in Inc.'s annual "Inc. 500" report. The rankings, published annually since 1982, measure growth by revenue of privately held independent companies in the United States.
This year marks Insureon's first appearance on the list. It ranked 107th overall and earned the #1 spot for insurance firms.
"What surprises me, even though I know it's coming, is the sheer variety of the paths our entrepreneurs take to success, thematically reflecting how our economy has evolved," said Inc. President and Editor-In-Chief Eric Schurenberg. "This year there are far more social media and far fewer computer hardware businesses than there were, say, six years ago. But what doesn't change is the fearsome creativity unleashed by American entrepreneurship."
"We're thrilled," said Ted Devine, Insureon's CEO. "This reinforces our growth in serving the small business insurance buyer online. Small-business owners are looking for easy-to-use online solutions, and Insureon has built the best platform in the industry."
Since 1997, Insureon has served more than 175,000 clients. Today, it offers insurance for more than 800 industries, including IT professionals, contractors, management consultants, and janitors. Its success comes from the convenience it offers customers: in 15 minutes, a small-business owner can complete Insureon's online application, get quotes from nine leading carriers, and talk to an agent who specializes in their industry to ensure they get the right coverage. With a focus on the 40 million small businesses in the US with fewer than 25 employees, Insureon is benefiting from the rise of the "freelance economy" and the growing comfort of customers with technology.
"Building a technology platform and business model that serve 800 industry verticals has been a challenge, but it creates a huge advantage. It's not just technology — customers talk to industry specialists who ensure they get the coverage they need," Devine noted.
In addition to Professional Liability and General Liability, Insureon offers Business Owner's Policies, Workers' Compensation, and Cyber Insurance products. It has also expanded its personal lines solution by leveraging its proprietary technology.
Backed by private investment firm Accretive, Insureon is headquartered in Chicago. It places more than $135 million in premium annually. Details about its innovative online application, technology, and business model are available at www.insureon.com.
The 2014 Inc. 5000 is ranked according to percentage revenue growth when comparing 2010 to 2013. To qualify, companies must have been founded and generating revenue by March 31, 2010. They had to be U.S.-based, privately held, for profit, and independent--not subsidiaries or divisions of other companies--as of December 31, 2013. (Since then, a number of companies on the list have gone public or been acquired.) The minimum revenue required for 2010 is $100,000; the minimum for 2013 is $2 million. As always, Inc. reserves the right to decline applicants for subjective reasons. Companies on the Inc. 500 are featured in Inc.'s September issue. They represent the top tier of the Inc. 5000, which can be found at http://www.inc.com/5000.
About Inc. and the Inc. 5000
Founded in 1979 and acquired in 2005 by Mansueto Ventures, Inc. is the only major brand dedicated exclusively to owners and managers of growing private companies, with the aim to deliver real solutions for today's innovative company builders. Total monthly audience reach for the brand has grown significantly from 2,000,000 in 2010 to over 6,000,000 today. For more information, visit http://www.inc.com/.