Mission Statement, Vision, & Core Values (2024) of SelectQuote, Inc. (SLQT)

An Overview of SelectQuote, Inc. (SLQT)

General Summary of SelectQuote, Inc. (SLQT)

SelectQuote, Inc. is a technology-enabled, direct-to-consumer distribution platform specializing in selling insurance policies and healthcare services. The company, founded in 1985, initially focused on life insurance but has since expanded its offerings to include Medicare Advantage, Medicare Supplement, and other ancillary health insurance products, alongside auto and home insurance. As of 2024, SelectQuote operates through several divisions: Senior, Life, and Healthcare Services, with a notable presence in the pharmacy sector through its SelectRx platform.

In 2024, SelectQuote reported total revenues of $292.3 million for the three months ended September 30, 2024, marking a 26% increase from $232.7 million in the same period of 2023. The company continues to leverage multi-channel marketing strategies to drive sales across its product lines.

Company's Financial Performance in the Latest Financial Reports

For the three months ended September 30, 2024, SelectQuote achieved record-breaking revenue, particularly from its Healthcare Services segment, which generated $155.7 million, a 60% increase compared to $97.4 million in the prior year. This surge was primarily driven by a significant rise in SelectRx pharmacy revenue, which increased by $58.1 million year-over-year.

The Senior segment reported revenues of $92.9 million, reflecting a 3% increase from $89.9 million in 2023, while the Life segment generated $39.3 million, a 4% increase from $37.8 million in the same quarter of the previous year.

Adjusted EBITDA for the Healthcare Services segment was $4.9 million, up from $2.3 million in 2023. The Senior segment saw an impressive 678% increase in Adjusted EBITDA, reaching $7.7 million compared to a loss of $(1.3) million in the prior year. However, the overall net loss for the company amounted to $(44.5 million), resulting in a net loss per share of $(0.26).

Introduction to SelectQuote as an Industry Leader

SelectQuote stands out as a leading company in the insurance distribution industry, known for its innovative approach to leveraging technology in the sales process. The company operates primarily in the U.S. market, focusing on senior health insurance products and healthcare services. It has strategically positioned itself to address the growing demand for healthcare solutions among the aging population.

The total number of SelectRx members increased by 64%, reaching 86,521 members as of September 30, 2024, compared to 52,750 members a year earlier. Average prescriptions shipped per day also rose to 24,998 from 15,479, highlighting SelectQuote's expanding footprint in the healthcare space.

For a deeper understanding of SelectQuote's success, its operational strategies, and market position, further exploration is encouraged.

Mission Statement of SelectQuote, Inc. (SLQT)

Mission Statement Overview

SelectQuote, Inc. (SLQT) is dedicated to providing consumers with the best insurance options tailored to their needs, ensuring they receive comprehensive coverage while maintaining transparency and support throughout the purchasing process. The company's mission statement emphasizes its commitment to empowering individuals through education and access to quality insurance services. This mission is significant as it guides SelectQuote's long-term goals and strategic initiatives, aligning operational decisions with its core purpose.

Core Component 1: Customer Empowerment

The first core component of SelectQuote's mission statement focuses on customer empowerment. The company aims to educate customers about their insurance options, enabling them to make informed decisions. In 2023, SelectQuote reported a total of 86,521 active SelectRx members, a 64% increase from 52,750 in 2022, highlighting its success in engaging and empowering customers through its services.

Core Component 2: Quality Insurance Products

The second core component is the commitment to offering quality insurance products. SelectQuote provides a wide range of insurance solutions, including Medicare Advantage, Medicare Supplement, and life insurance. For the three months ended September 30, 2024, the company generated $292.3 million in total revenue, representing a 26% increase from $232.7 million in the same period of 2023. This growth underscores SelectQuote's ability to deliver high-quality products that meet the evolving needs of its customers.

Core Component 3: Exceptional Customer Service

The final component emphasizes exceptional customer service. SelectQuote strives to provide support throughout the customer journey, ensuring a seamless experience from initial inquiry to policy purchase. The company reported a marketing and advertising expense of $63.8 million for the three months ended September 30, 2024, reflecting its investment in customer outreach and service excellence. This dedication to service is a pivotal aspect of its mission, reinforcing customer trust and satisfaction.

SelectQuote's mission statement is a reflection of its strategic objectives, focusing on customer empowerment, quality insurance products, and exceptional service. The company's financial growth and member engagement metrics further illustrate its commitment to these core components, ensuring it remains a leader in the insurance industry.

Vision Statement of SelectQuote, Inc. (SLQT)

Vision Statement Overview

The vision statement of SelectQuote, Inc. (SLQT) focuses on becoming a leader in the insurance brokerage industry by leveraging technology to enhance customer experience and service delivery.

Commitment to Customer Experience

SelectQuote aims to provide an exceptional customer experience by offering personalized insurance solutions that meet the needs of its clients. This commitment is reflected in their operational metrics:

Innovation in Technology

The vision emphasizes the use of technology to streamline operations and improve service delivery. SelectQuote's technical development expenses have increased significantly, indicating investment in innovation:

Market Leadership in Insurance Brokerage

SelectQuote's vision includes becoming a market leader in the insurance brokerage space by expanding its reach and product offerings. The company reported a substantial increase in total revenue:

Commitment to Integrity and Transparency

The vision statement underlines the importance of integrity and transparency in all business dealings. SelectQuote's financial performance reflects this commitment:

Focus on Employee Engagement

SelectQuote recognizes that employee engagement is crucial for achieving its vision. The company's share-based compensation reflects its commitment to motivating employees:

Core Values of SelectQuote, Inc. (SLQT)

Integrity

Integrity is a core value at SelectQuote, Inc. (SLQT), emphasizing transparency and ethical conduct in all dealings. This value is crucial for building trust with clients and partners.

In 2024, SelectQuote demonstrated its commitment to integrity through various initiatives, including rigorous compliance training for all employees. The company has implemented a compliance program that mandates annual training sessions, ensuring that over 90% of employees complete these sessions on time. Furthermore, SelectQuote maintains a whistleblower policy that allows employees to report unethical behavior without fear of retaliation, reinforcing its commitment to ethical standards.

Customer Focus

The value of customer focus drives SelectQuote to prioritize the needs and preferences of its clients. This commitment is essential for maintaining client satisfaction and loyalty.

As of 2024, SelectQuote has enhanced customer service by investing in technology that allows for personalized client interactions. The company reported a 15% increase in customer satisfaction scores, attributed to a new customer relationship management (CRM) system that enables agents to access comprehensive client histories. Additionally, SelectQuote has launched a dedicated customer support line, resulting in a 25% reduction in response times for client inquiries.

Innovation

Innovation is a vital core value that propels SelectQuote forward in a competitive market. The company fosters a culture of creativity and technological advancement.

In 2024, SelectQuote invested approximately $9.1 million in technology development, a 19% increase from the previous year. This investment facilitated the launch of a new digital platform that streamlines the insurance application process, resulting in a 30% increase in application submissions. Furthermore, SelectQuote has established a dedicated innovation team tasked with identifying and implementing emerging technologies to improve operational efficiency.

Accountability

Accountability ensures that SelectQuote adheres to its commitments and maintains high performance standards. This value is crucial for operational success and trustworthiness.

In 2024, SelectQuote implemented a performance management system that tracks employee goals and outcomes. The company reported that 85% of employees met or exceeded their performance targets, reflecting a strong culture of accountability. Additionally, regular performance reviews are conducted to ensure that all team members are aligned with the company's objectives and values.

Teamwork

Teamwork is integral to SelectQuote's operations, fostering collaboration and mutual support among employees. This core value enhances productivity and morale.

As of 2024, SelectQuote has initiated team-building programs that have increased cross-departmental collaboration. The company reported a 20% increase in project completion rates attributed to improved teamwork initiatives. Regular workshops and retreats are organized to strengthen interpersonal relationships among employees, contributing to a more cohesive work environment.

Updated on 16 Nov 2024

Resources:

1. SelectQuote, Inc. (SLQT) Financial Statements – Access the full quarterly financial statements for Q1 2025 to get an in-depth view of SelectQuote, Inc. (SLQT)' financial performance, including balance sheets, income statements, and cash flow statements.
2. SEC Filings – View SelectQuote, Inc. (SLQT)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.