After a rocky end to 2016, Seattle-based insurance comparison startup QuoteWizard is back in the game.
The privately held company today announced the launch of a new car insurance tool, CarrierCompare, and told GeekWire that March of 2017 was its most profitable month yet.
QuoteWizard was growing quickly last year, approaching $100 million in revenue and opening a new office in Denver.
But in November, it announced 50 layoffs, about 30 percent of its workforce at the time. QuoteWizard CEO Scott Peyree told GeekWire the layoffs were due to constrained spending by the insurance industry, where the company makes its money, and that the company was looking for more sustainable business solutions.
Now QuoteWizard says it is projecting revenues of $75 million to $80 million for the year, and it posted a net profit of over $1 million in March. It’s also hiring again for some positions. Peyree said the turnaround was both because of an upturn in insurance spending and because the company has started to see payoffs from tech and strategy investments.
The 100-person company is now in the running for the Bootstrapper of the Year award at this year’s GeekWire Awards, taking place May 4th at Seattle’s MoPOP.
“The psychological impact of running a company where it is not only your own blood and sweat, but also all of your (and your partners) own money provides a focus and desire to succeed that you don’t get when taking outside investment,” Peyree told GeekWire earlier this week.
The new CarrierCompare tool allows users to directly compare car insurance plans from 30 insurance providers, giving objective assessments on elements like consumer satisfaction and financial strength.
“We developed CarrierCompare to be much more than just a company database,” QuoteWizard Content Manager Adam Johnson said in a press release.
“When users access a company page on CarrierCompare, they also have the option to directly compare it alongside another insurance company. This allows consumers to easily evaluate the policy options, potential discounts, strengths, weaknesses, and more, all free of charge.”
The bootstrapped startup has been family owned since its founding in 2006 and, for a time, was one of the fastest growing companies in Washington state.