Lendingtree Signs Exclusive Agreement With eCoverage
9 August 2000
eCoverage to Be Exclusive Provider of Auto Insurance on LendingTree MarketplaceCHARLOTTE, N.C. - LendingTree , a leading online loan marketplace and loan exchange technology provider, today announced that the Company has signed a one- year agreement with eCoverage, an Internet company which focuses on making every aspect of insurance efficient and easy. eCoverage will be the exclusive automobile insurance provider available through LendingTree.com. Consumers who submit an automobile loan inquiry to LendingTree.com will have the ability to connect easily with eCoverage for automobile insurance. Terms of the deal were not disclosed. "We are excited to work with eCoverage and to offer our consumers an insurance product that is directly related to the underlying loan, in a convenient and user-friendly manner," said Doug Lebda, CEO and founder of LendingTree. "eCoverage's commitment to speed and simplicity compliments the LendingTree model perfectly." "eCoverage has simplified all aspects of the insurance process, From Quote to Claim(sm) while LendingTree facilitates the loan process, from inquiry to offer. The partnership is a natural one," said David Riker, founder and chief development officer of eCoverage. "Partnering with LendingTree presents an ideal opportunity to link our services with a premier lending organization and provide coverage that compliments the simplicity of the loan process." About LendingTree, Inc. LendingTree is the Internet-based loan marketplace for consumers and lenders. LendingTree collects consumer credit requests and compares those requests and related credit information to the underwriting criteria of more than 100 participating lenders in the LendingTree marketplace. Consumers can receive multiple offers in response to a single loan request within hours and then compare, review and accept the loan offer that best suits their needs. Lenders can generate new business that meets their specific underwriting criteria at reduced acquisition costs. The LendingTree Marketplace encompasses most consumer credit categories, including mortgages, home equity loans, automobile loans, credit cards, personal loans and provides access to small business loans. About eCoverage eCoverage makes every aspect of insurance efficient and easy, offering its customers the speed, simplicity, savings and service that savvy Internet buyers have come to expect. The company was the first to offer complete quote-to-claim insurance online and the first to offer insurance products developed exclusively for the Internet and its users. eCoverage's headquarters is located in San Francisco with an around-the-clock customer service center located in Pleasanton, Calif.