TransUnion has announced the launch of Quote Exchange, an insurance marketplace where carriers buy and sell real-time online quotes.

Direct General Insurance Company is early an early adopter of the new marketplace, intended to serve insurers in search of new policyholders or carriers looking to offer products to consumers outside of traditional policies.

“We are excited to be an early participant in the TransUnion Quote Exchange,” said Rick Williams, director of eCommerce at Direct General Insurance Company, in a statement. “The approach as well as the technology TransUnion is integrating with the Quote Exchange makes this a very unique and promising program that we expect to be substantially more successful than traditional aggregator programs.”

TransUnion says early users of its service are already witnessing success using its data sets to get quotes in front of consumers. The platform offers carriers access to customers with high purchase intent, as shoppers are required to complete a quote directly on a carrier’s site, an improved marketing strategy to gain more business and insight into broader markets.

“As more consumers use the internet to obtain auto insurance quotes, TransUnion is in a position to align carriers with prospective customers during the online shopping process,” said Mark McElroy, executive vice president of TransUnion’s insurance business unit. “With Quote Exchange, carriers are now able to target highly qualified leads online and offer consumers a better shopping experience by reducing shopping time and providing quotes that match them to their best fit carrier.”

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