SelectQuote, Inc. (SLQT) Business

ITEM 1. BUSINESS

Overview

SelectQuote, Inc. (together with its subsidiaries, “SelectQuote”, the “Company”, “we”, “us”) is a leading technology-enabled, direct-to-consumer (“DTC”) distribution and engagement platform for selling insurance policies and healthcare services.

In recent years, we have increasingly focused on expanding our healthcare services platform as a natural extension of our core Senior distribution insurance business. This strategic shift reflects our prioritization of higher-growth opportunities in areas such as pharmacy services and chronic care management through offerings like SelectRx and SelectPatient Management (“SPM”). At the same time, we have de-emphasized production within our Auto & Home distribution insurance business, which no longer represents a core area of focus. Our strategy is focused on delivering more comprehensive and personalized healthcare solutions that meet the evolving needs of our senior customers.

Our insurance distribution business, which has operated continuously for over 40 years, allows consumers to transparently and conveniently shop for senior health, life, and automobile and home insurance policies from a curated panel of the nation’s leading insurance carriers. As an insurance distributor, we do not insure the consumer, but rather identify consumers looking to acquire insurance products and place these consumers with insurance carrier partners that provide these products. In return, we earn commissions from our insurance carrier partners for the policies we sell on their behalf. Our proprietary technology platform integrates artificial intelligence and data science based machine learning models to analyze and identify high-quality consumer leads from diverse online and offline channels, such as digital marketing, radio, television, and third-party partnerships. Leveraging over 40 years of accumulated data and advanced predictive analytics, our technology dynamically optimizes marketing spend in real-time. Our intelligent workflow system instantly evaluates each acquired lead, routing it efficiently to the most suitable sales agent based on consumer needs and agent expertise. Our platform then captures and utilizes our experience to further build upon the millions of data points that feed our marketing algorithms, further enhancing our ability to deploy subsequent marketing dollars efficiently and target more high-quality consumer leads. We have built our business model to maximize commissions collected over the life of an approved policy, a metric we refer to as “ lifetime value of commissions” or “LTV”, which is a key component to our overall profitability.

Our proprietary routing and workflow system is a key competitive advantage and driver of our business performance. Our systems analyze and intelligently route consumer leads to agents and allow us to monitor, segment, and enhance our agents’ performance. This technological advantage also allows us to rapidly conduct a needs-based, tailored analysis for each consumer that maximizes sales, enhances customer retention, and ultimately maximizes LTVs. Our expertise and value add stems from the coupling of our technology with our skilled agents, which provides greater transparency in pricing and choice and an overall better consumer experience. When customers are satisfied, their propensity to switch policies decreases, thereby improving retention rates (“persistency”), increasing LTVs and, ultimately, optimizing our financial performance and shareholder value.

SelectQuote has a long history of successful DTC product distribution and consumer engagement, and we bring this same capability to healthcare services. We saw a large opportunity to leverage our existing customer base and distribution model to improve education and access to healthcare services for our senior consumers and to create value for our shareholders and insurance carrier partners. SelectQuote’s value lies in our ability to engage the consumer, capture critical self-reported information in real-time, and then take action on that information to offer each consumer personalized solutions. Our healthcare services business seeks to provide consumers with a wide breadth of products supporting their needs, such as SelectRx, our Patient-Centered Pharmacy HomeTM accredited pharmacy, which has already demonstrated SelectQuote’s ability to leverage our strong consumer engagement to drive immediate value using our existing operational infrastructure. Whether through acquisitions or new

4

Table of Contents

partnerships, we continue to look for more opportunities to leverage our strengths to expand our healthcare services business.

Our Business Model

Our unique platform has allowed us to expand our business significantly in recent years, now encompassing healthcare services alongside our traditional insurance distribution. We've identified a substantial opportunity to leverage our extensive consumer database and robust distribution model to enhance access to healthcare services for our senior consumers. This initiative not only aims to improve their overall health outcomes but also creates significant value for our shareholders and insurance carrier partners.

Our Healthcare Services business model focuses on improving member health and wellness, primarily for seniors, by providing an unparalleled consumer experience. Through our various healthcare services product offerings, we serve as a premier navigation service, proactively engaging members to address their individual healthcare needs. We aim to improve health outcomes and lower overall healthcare costs by offering access to tailored healthcare solutions and fostering an ecosystem among payers, providers, and patients. This model is highly effective in engaging the senior market, enabling us to capture significant value across the healthcare sector and consumer lifecycle. It serves as a robust platform for delivering an expanding suite of health-related products and services, ultimately driving substantial growth and cash flow.

Our insurance distribution business operates in an attractive segment of the insurance value chain, distributing insurance products on behalf of our insurance carrier partners who, in return, pay us commissions. Accordingly, we do not generate revenues directly from the consumers with whom we interact. In addition, because we are not the issuer of the insurance policy to the consumer, we bear no underwriting risks.

Founded more than 40 years ago as what we believe was the first DTC term life insurance exchange platform in the United States, our technology-driven, differentiated model allows consumers to easily compare pricing and policy options. Working in tandem, our agents and technology systems are the foundation of our business. Our highly trained licensed agents are subject matter experts in the products they sell, and this, in combination with our purpose-built software and business process, differentiates the service we provide to consumers relative to other insurance distributors or “online only” offerings. We believe providing personalized advice and guidance from policy research to enrollment is a key differentiator in the senior health market, as consumers tend to prefer or require more personalized attention to navigate increasingly complex and ever-changing coverage options. Our agents are trained to offer unbiased advice in order to align with the specific needs of each customer.

As a technology-enabled distributor of scale in our end markets, we believe that we are well-positioned to capitalize on the accelerating trend of digital transformation across the insurance distribution landscape. Under the traditional insurance distribution model, consumers are often unaware of their full range of coverage options and are at risk of receiving opaque, “one size fits all” recommendations primarily intended to maximize agent commissions over their needs. In contrast, the insurance distribution landscape today is one in which consumers of insurance demand greater choice, seek more transparency in pricing, and use the internet to self-research their insurance options. Technological innovations, consumer demand for price transparency and comparison shopping, and the development of machine learning for business applications, continue to transform the insurance distribution landscape. As the composition of the U.S. population gradually shifts to the mobile-first generation, consumers are becoming more tech-savvy and increasingly comfortable shopping online. We believe our ability to offer multiple carriers’ policies, proprietary technology platform, vast datasets, and use of machine learning in key aspects of our business positions us well to take advantage of these consumer trends.

DTC distribution has become an increasingly important part of the overall distribution strategies of insurance carriers as they drive to lower customer acquisition costs. Internet and mobile devices allow distributors the ability to target and reach consumers directly in a highly controlled and efficient manner. Our software allows our agents to have more effective interactions with customers, driving agent productivity, sales volume, and providing an attractive distribution alternative for our insurance carrier partners. While traditional insurance

5

Table of Contents

distributors use a time-intensive, in-person purchasing process, consumers are increasingly researching insurance policies for their needs online and, ultimately, purchasing through DTC channels. Platforms like ours are well positioned to serve these customers as we allow consumers to compare insurance in a transparent manner, without having to solicit individual quotes from carriers in the market or rely on the options presented by a traditional insurance distributor; and to do so from the comfort of their own home.

Our systems allow us to gain valuable insights from the rich sources of consumer information we have gathered over four decades, and we use complex data analytics and proprietary algorithms to enhance our sales and marketing strategies in an effort to maximize our return on our marketing spend and enhance our agents’ close rates. As we have grown, we have continued to gather valuable data that has allowed us to further enhance our algorithms. Accordingly, we have been able to improve our lead acquisition efficiency and scoring and workflow processing capabilities, which has enabled us to serve customers more efficiently and has improved the value proposition we offer to our insurance carrier partners. As our value proposition has grown, our insurance carrier partners have come to rely more on our distribution capabilities and have partnered with us more deeply in product design, helping fuel our growth.

Our Products

Through our Healthcare Services business, we offer pharmaceutical products and other health-related equipment and services. Additionally, through our insurance distribution business, we distribute needs-based insurance products on behalf of our insurance carrier partners. These products are critical to the overall financial well-being of consumers and the protection of their most valued assets: their families, their health, and their property. Increasing household financial obligations, rising healthcare costs, importance of health and well-being, and government and lender mandates for certain insurance coverage drive the need for the insurance products we distribute. These products are underwritten by our carefully selected insurance carrier partners and sold by our agents across our three insurance distribution businesses: Senior, Life, and Auto & Home.

Healthcare Services, launched in 2021, offers various health-related products and services through SelectRx, Healthcare Select, and SPM. SelectRx offers essential prescription medications, over-the-counter (“OTC”) medications, customized medication packaging, and medication therapy management, providing long-term pharmacy care that enables patients to optimize medication adherence to drive positive health outcomes, while enabling patients managing polypharmacy and multiple chronic conditions to remain at home. Through Healthcare Select, we utilize our excellent consumer engagement capabilities to capture valuable self-reported information in real-time for our insurance carrier partners by completing health risk and lifestyle assessments. We then use that data to take a real-time, proactive, and personalized approach to offer various health-related products and services to the consumer, such as our pharmacy services from SelectRx. Additionally in 2024, we launched SPM, after the acquisition of an existing chronic care management platform, which offers providers, payers, and Accountable Care Organizations scalable, technology-enhanced services for patients living with chronic conditions. Through consistent, trust-based patient engagement, SPM helps patients navigate the care continuum, focusing on non-clinical factors allowing physicians to focus on the critical needs of their patients. We believe that offering these services enables healthcare to be more accessible, convenient, and personalized for our members.

Senior was launched in 2010 and provides unbiased comparison shopping for Medicare Advantage (“MA”) and Medicare Supplement (“MS”) insurance plans as well as prescription drug and dental, vision, and hearing (“DVH”) plans, and critical illness products. We represent approximately 25 leading, nationally-recognized insurance carrier partners, including carriers owned by UnitedHealthcare (“UHC”), Humana, Wellcare, and Aetna. MA and MS plans accounted for 90% of our approved Senior policies for the year ended June 30, 2025, with other ancillary type policies accounting for the remainder.

Life is one of the country’s largest and most established DTC insurance distributors for term life insurance, having sold over 2.6 million policies nationwide since our founding in 1985. Our platform provides unbiased comparison shopping for life insurance products such as term life, final expense, and other ancillary products like critical illness, accidental death, and juvenile insurance. We represent approximately 20 leading, nationally-recognized insurance carrier partners, with many of these relationships exceeding 20 years. Term life policies

6

Table of Contents

accounted for 40% of new premium within Life for the year ended June 30, 2025, with final expense policies accounting for 60%.

Auto & Home was launched in 2011 as an unbiased comparison shopping platform for insurance products such as homeowners, auto, dwelling fire, and other ancillary insurance products underwritten by approximately 20 leading, nationally recognized insurance carrier partners. Homeowners and auto products accounted for 83% of new premium within the Auto & Home division for the year ended June 30, 2025, with dwelling fire and other products accounting for the remainder.

Our Agents

We recognize insurance products can be complicated and each consumer’s situation is unique. Matching the right products with a consumer’s needs requires the attention of highly trained and skilled agents. This expertise differentiates us from the traditional distribution model with each line of our business having dedicated, licensed agents who are subject matter experts in that line of business. We have also developed a best-in-class talent management system that allows us to recruit from across the United States to build and retain top agents. We provide each new agent with up to 10 weeks of proprietary in-house training supplemented by ongoing training throughout the year. Our training ensures every agent is equipped with a deep understanding of the products, customer service, and sales skills necessary to best serve the customer. Our goal is for every agent in whom we invest to build a long and rewarding career with us.

The most productive agents receive our highest quality leads. In our Senior segment, level one agents demonstrate higher productivity, close rates, retention rates, and lower attrition than agents in levels below them. This process matches a customer with the appropriate agent and optimizes our most valuable asset: agent time. Each agent guides the potential customer through tailored policy options and provides education on complex senior health, life, and auto & home products, thereby helping them select the best option for their needs. This personalized approach enhances the customer experience, and when customers are satisfied, their propensity to switch policies decreases. This extends the renewal revenue stream paid to us by insurance carrier partners and enhances the lifetime value of policyholder relationships. Through this, our processes and technology come together to drive strong economic results allowing us to reward top agents with market-leading pay. Our agents are also proactive in their outreach throughout the year creating a deeper relationship with our customers.

In addition to the agents who sell insurance products, we have added customer success agents (“CSA”) to work with our consumers in our healthcare services business. CSAs enroll the customer as a member into our free Healthcare Select service and help them understand the benefits available under their health plans. They leverage data from health risk and lifestyle assessments to connect the customer to our health services such as SelectRx, SPM, or one of our many Healthcare Select partners - all customized to that individual consumer.

Our Technology

Our business success is built upon a robust, proprietary technology platform that integrates over 40 years of data, advanced algorithms, and artificial intelligence (“AI”). Applying information gathered since our founding over 40 years ago, our technology drives robust attribution modeling, allowing us to accurately measure marketing effectiveness, inform bid strategies, and prioritize high-value lead sources. This infrastructure underpins every stage of our business process, from lead generation and scoring, to agent routing, sales, customer engagement, and lifecycle management. It allows us to maximize customer LTV and drive sustainable profitability.

AI-Powered Lead Acquisition: We employ a broad policyholder acquisition strategy that spans digital marketing, television, radio, and partnerships with third-party marketing organizations. Central to this is our use of proprietary machine learning (“ML”) models, which dynamically adjust bid strategies in real time based on expected LTV. These models continuously analyze demographic trends, channel effectiveness, and historical conversion patterns, drawing on a vast data pool of over 1 billion consumer and third-party data points. This predictive capability enables us to group leads by purchase propensity, optimize cost-per-acquisition, and tier leads for routing to the most appropriate agent. As our algorithms ingest more data, they evolve, improving the precision of our lead

7

Table of Contents

targeting and bidding systems. This vast and ever-growing pool of data, coupled with the assistance of our team of highly skilled data scientists, enhances our ability to more accurately estimate a new lead's lifetime value and enables more informed decisions in lead acquisition. Our data science team creates algorithms that support lead buying, scoring, routing, and consumer lifecycle management of closed leads.

Intelligent Lead Management & Routing: Once leads are acquired, our AI-driven scoring engine evaluates them in real time using a complex array of attributes. Leveraging over four decades of proprietary data, we route each lead using our intelligent matching engine. This system considers lead score, agent expertise, product fit, and real-time availability to ensure each consumer is connected to the most effective licensed agent. This pairing process maximizes the likelihood of conversion and LTV by aligning consumer needs with agent strengths. Our purpose-built workflow management software enhances agent performance across all contact channels.

Sales Enablement & Conversational AI: Our licensed agents utilize proprietary tools that combine real-time data, product knowledge, and guided decision trees to conduct personalized needs analyses and offer tailored insurance solutions. This coupling of our technology with our skilled agents provides the consumer with greater transparency in pricing terms, unbiased guidance, and choice, resulting in an overall better experience that maximizes sales. We have also deployed conversational AI technologies that automate routine enrollment processes. Our voice AI system has processed over 1.05 million assisted disclaimers, and our automated health risk and lifestyle assessment tools have saved over 4.7 million minutes of agent time. These technologies not only ensure regulatory compliance but also free up agent bandwidth to focus on higher-value, complex interactions that improve customer satisfaction and drive incremental sales.

Customer Engagement & Lifecycle Management: Post-sale, our AI and ML capabilities extend into customer retention and cross-sell efforts. Advanced predictive analytics help our dedicated, retention-focused customer care (“CCA”) team identify consumers at risk of churn and those most likely to purchase additional products. These models continuously refine themselves using ongoing behavioral signals and conversion outcomes, allowing us to proactively manage policyholder relationships. This retention-focused approach improves customer experience, increases policy persistency, and enhances the long-term value of each customer.

AI Infrastructure & Innovation Pipeline: To maintain our competitive edge, we continue to invest in the evolution of our AI infrastructure, with the goal of expanding from operational automation to strategic differentiation. Our development initiatives include:

•AI-assisted software development to enhance code quality and release velocity;

•Agentic systems for real-time operational decision-making;

•Generative AI models to optimize marketing content and improve customer engagement; and

•NLP-powered tools to better predict consumer behavior and support product innovation.

Together, these initiatives position us to not only improve internal performance but also to sustain long-term differentiation in an increasingly AI-driven marketplace.

Our Partners

We maintain long-standing, deeply integrated relationships with many of the nation’s leading insurance carriers, who have some of the industry’s most widely recognizable brand names. During our most recent fiscal years, our primary insurance carrier partners were United Healthcare (“UHC”), Humana, Aetna, and WellCare in Senior; Mutual of Omaha, TruStage, and Pacific Life in Life; and Safeco, Progressive, and Travelers in Auto & Home. These high-quality relationships have resulted in strong insurance carrier retention rates over time. We believe carriers see our method of acquiring customers as scalable and efficient and, ultimately, as cost advantageous compared to their own models. Our insurance carrier partners are responsible for paying us

8

Table of Contents

consideration for our services through commissions and other forms of compensation, and, for these purposes, act as our customers. We do not generate revenues directly from the consumers to whom we sell insurance policies on behalf of our insurance carrier partners.

The relationships with our insurance carrier partners such as UHC, Aetna, Humana and Anthem, have grown through SelectRx and Healthcare Select, as we gather valuable data for them by performing health risk and lifestyle assessments. We have also formed partnerships with several pharmacy benefit managers including OptumRx, Caremark CVS, and Express Scripts, which help support SelectRx, as well as several providers of health-related resources that support improved health outcomes as partners for Healthcare Select.

Our Market Opportunity

Healthcare Services Market

We believe the healthcare services market presents a significant opportunity to grow our business by offering additional products and services through our distribution platform. We entered the prescription medication market in 2021 through our acquisition of two boutique pharmaceutical operations, now SelectRx. We estimate the total addressable pharmaceutical market in the United States to be over $640 billion. The Congressional Budget Office estimates that spending on Part D benefits, a voluntary program that provides prescription drug coverage for people with Medicare, will total $137 billion in 2025, representing 15% of net total Medicare spending. SelectRx reached more than 108,000 active members as of June 30, 2025. Our current production facilities allow us to serve more than 150,000 members with ample room for additional expansion.

The Medicare market also offers the opportunity to grow our business by connecting seniors with additional health related products and services, including value-based care providers, chronic care management and resources for addressing social needs. We estimate the total value-based care market for Medicare Advantage patients to be over $600 billion. Further, with approximately 33% of Medicare beneficiaries living below 200% of the federal poverty level, according to the Kaiser Family Foundation in 2023, many of our consumers need help accessing social resources that impact health outcomes. In recognition of this need, Medicare Advantage plan providers are increasingly focused on benefits aimed at addressing social determinants of health like transportation, nutrition, and social isolation. Additionally, Medicare Advantage plan providers are focused on benefits that improve health outcomes including chronic care management services which are now provided by SPM. Healthcare Select is well positioned to support these efforts by connecting seniors to a centralized collection of healthcare and other resources offered through our partnerships with service providers throughout the United States.

Senior Market

Demand for senior insurance products in the U.S. is underpinned by powerful demographic trends. The number of people reaching retirement each year took a step-change in 2011 as the first wave of the post-war “Baby Boomer” generation turned 65. The proportion of the population that is age 65 or higher increased from 13% in 2010 to 18% in 2023 and is expected to reach 21% in 2030, according to the United States Census Bureau. Based upon a research study, in 2025, on average, 11,400 “Baby Boomers” are expected to turn 65 every day, or nearly 4.2 million people will reach the traditional retirement age in a single year. Within the growing Medicare market, Medicare Advantage plans are gaining prominence, as these private market solutions displace the traditional, government Medicare program. According to the Kaiser Family Foundation, in 2024, Medicare Advantage enrollment held 54% market penetration, with nearly 33 million Medicare Advantage enrollees. Between 2023 and 2024, total Medicare Advantage enrollment grew by about 7%. The Congressional Budget Office projects that enrollment is expected to continue to rise from 60 million in 2023 to 74 million in 2034 and that the share of all Medicare beneficiaries enrolled in Medicare Advantage plans will rise to 64% by 2034. We believe our position in the senior market provides a strategic foundation to expand into adjacent healthcare services, such as chronic care management, pharmacy support, and Healthcare Select solutions. These capabilities allow us to deepen our engagement with seniors and create recurring value beyond the initial policy enrollment.

9

Table of Contents

Research from the Center for Disease Control and Prevention shows almost half of seniors need more information and assistance to better manage their healthcare needs. Health literacy is the degree to which individuals have the ability to find, understand, and use information and services to inform health-related decisions and actions for themselves and others. According to the Center for Health Care Strategies, nearly nine out of ten adults in the United States struggle with health literacy, resulting in greater healthcare use and cost, compared to those with proficient health literacy. Not only is the population of people age 65 and higher growing, according to the Pew Research Center, internet usage among this group has risen, with 90% using the internet in 2024 compared to 40% in 2009.

The degree to which we will realize a corresponding increase in revenue will be determined by our ability to continue to successfully place new Medicare policies for this enlarged potential consumer base. Despite our scale, we account for only a fraction of the total market for Medicare Advantage plans.

Life Market

DTC sales of life insurance are becoming more prevalent as an increasing proportion of consumers are conducting self-directed online research prior to buying policies. Due to the typically more complex and longer-term nature of life insurance products, we expect agent expertise and consultation to continue as a prominent aspect of the sales process prior to ultimate purchase. Our dedicated, high-touch agents coupled with our user-friendly online platform caters to these evolving consumer preferences, which we believe favorably positions us to capture an increasing share of the overall market. Our approach to consumer engagement provides transparency and, we believe, an overall better experience that generates higher conversion rates than achievable by other forms of distribution, creating a cost advantage for our distribution platform relative to others.

Auto & Home Market

Property & Casualty insurance is a large addressable market in which policyholders often have a government or lender-mandated need for coverage. The DTC channel for sales of these products is well established, driven by continued adoption of online sources for research and quotes, but has been facing recent headwinds partially due to an increase in claims which has driven up premium rates. We believe the combination of our technology and agents is an important differentiator that better enables us to help potential policyholders compare and choose between multiple products, and also to give valuable advice on bundled options that provide more holistic coverage across multiple risks. We differentiate ourselves from carrier captive agents and traditional insurance distributors on the basis of choice, convenience, and consumer experience. While the Property & Casualty insurance market remains large and well-established, we are currently prioritizing investments in businesses with greater long-term growth potential and more efficient cash flows, such as healthcare services and senior insurance solutions.

Our Competitive Strengths

Leading technology-based sales platform. Our primary focus is to provide best-in-class service to bring policyholders value through greater choice and transparency. Since 1985, we have helped over seven million policyholders save time and money on critical insurance purchases. We have been pioneers of insurance distribution, and, through our technology-driven sales model, we believe we are well positioned to support policyholders and insurance carrier partners as consumers continue shifting toward online channels to make purchasing decisions for their insurance needs. We believe that our data and our technology are key competitive advantages and drivers of our business performance. We continue to upgrade and optimize our technology as new opportunities are identified by our information technology and analytics teams. SelectCare is our core overarching proprietary customer relationship management (“CRM”) and parent system with phone bank, sales enablement/workflow optimization and reporting tools. SelectCare leverages sophisticated AI algorithms to score leads, route them to agents and

10

Table of Contents

organize each agent’s work day, with the objective of maximizing return on investment. Operating within SelectCare are the following purpose-built systems:

•SelectBid: Advanced, data-enriched lead scoring and purchasing tool that provides real-time feedback to help us determine which consumers and campaigns are generating the most valuable opportunities, allowing us to optimize marketing spend.

•Get A Lead (“GAL”): Customized, purpose-built lead routing and workflow management technology based on lead quality, agent performance and agent availability. GAL uses a customized "Agent Lobby" algorithm to instantly evaluate our ecosystem, providing consumers with a seamless and efficient pathway to connect with a licensed sales agent who is best suited to meet their insurance needs.

•Automated Rate Calculator (“ARC”)/Automated Quote Engine (“AQE”): Real-time quoting and underwriting applications integrated directly into carrier systems. ARC and AQE allow us to build quotes for potential customers in real time based on specific carrier underwriting requirements and risk tolerances.

•SelectQuote Revenue Tracking System: Fully integrated, proprietary revenue tracking and financial reporting tool that also supports financial and customer falloff/retention prediction algorithms, allowing for real-time workflow and actions with our customer service teams.

•AI and Machine Learning: We leverage AI and machine learning models to refine our lead scoring, routing, and agent support systems, ensuring compliance and enhancing agent productivity and accuracy in policy recommendations across all insurance lines. Our advanced technology extends to healthcare services, enabling personalized patient engagement, streamlined care coordination, and improved health outcomes through data-driven insights.

We currently utilize data science across all of our key business functions and systems, and our sophisticated algorithms benefit from years of data accumulation and analysis, which are continuously enriched with new data and refined by our in-house data science team. Our algorithms are informed by data accumulated through our operating history, which includes approximately 32 million leads and over 1 billion data points in our database. Our focus on data quality ensures our data scientists can draw deep insights as accurately and efficiently as possible. Our complex regression and machine-learning models drive marketing spend and lead purchasing, scoring and routing, sales execution and post-sale customer engagement, all to further our goal of maximizing policyholder lifetime value. As we continue to grow, we will naturally acquire more data that will continue to better inform our decision-making.

Highly scalable platform with growing network effects. Our structured recruiting, training and agent onboarding program provides flexibility to ramp up agent hiring activity to drive sales volumes. Through significant recent investments we have made to our technological, infrastructure and reporting capabilities, our platform is designed to provide us with ample support for future years of growth with minimal ongoing working capital requirements. We have built our systems to be highly adaptable, providing us with flexibility to seamlessly provide product extensions and enter into other product verticals. We continually evaluate our insurance carrier partnerships, and we have the ability to accommodate new insurance carrier relationships and new products that may further drive growth. As we expand, we expect our appeal to consumers as a one-stop shop and our appeal to carriers as a leading platform with large consumer audiences to continue to grow. These network effects will allow us to accumulate more data and insights, which serve to strengthen our algorithms and the value of our connections. Furthermore, our integration of AI throughout our platform allows us to scale our operations efficiently while maintaining high standards of service. As we process more data and interactions, our AI systems continuously learn and improve, providing increasingly accurate and personalized support to our agents and customers alike. Our expansion into healthcare services further demonstrates the scalability and adaptability of our platform. As we accumulate more healthcare data and insights, we continue to enhance our ability to provide value across the healthcare spectrum, from insurance selection to ongoing patient care management.

Strong brand awareness. We were founded more than 40 years ago as what we believe was the first DTC term life insurance exchange platform in the U.S. Over this time, we have built a highly successful and recognizable

11

Table of Contents

household brand. We continue to enhance our visibility with advertisements on nationwide television networks and radio outlets, while also maintaining a strong online presence through our market-leading comparison websites, complemented by search engine advertising and a social media presence. There is also meaningful potential for us to leverage our strong brand awareness for intragroup cross sales and expansion into adjacent products and markets that further enhance revenue.

Ability to attract and retain productive, career-based associate workforce across the organization. We have built processes that allow us to attract, train and retain top talent, and to grow our associate workforce when necessary. Our sophisticated recruitment engine is employed nationally with our remote associate capability and involves personality tests, multiple interviews, and final approval by a senior manager. We deploy specific retention strategies for each division, catering to the business needs and seasonality of that division. This allows us to capitalize on people strategies, reducing turnover, and maintaining tenure during our slower seasons. Our recruiting and development processes lead to strong productivity rates allowing us to offer competitive compensation packages and attractive career paths. Associates have the to ability to participate in e-learning modules in our online training hub to continue to develop in their personal goals and overall career. All of this results in a complete cycle, which we believe gives SelectQuote a sustainable competitive advantage in the recruitment of new associates.

Diverse product offering. At our inception, we specialized in the distribution of term life insurance products. Since then, in addition to introducing a range of other life insurance products, SelectQuote expanded into the fast-growing senior health insurance market and auto & home insurance market. Today we provide consumers with access to over 50 insurance products. Our unique platform then further enabled us to expand our business again in recent years to include Healthcare Services. Our product segments are a natural fit with consumer insurance and healthcare needs across different life stages. We believe we are unique for our diverse product range, which provides us with greater stability as demand for certain products and customers’ needs fluctuate.

Deep and broad insurance carrier partnerships. We are a key distribution partner for many of the largest and most respected blue-chip insurance carriers. Our strong and long-standing relationships with many of our insurance carrier partners, some of which have been on our platform since our inception, represent a mutual commitment which we believe is difficult to replicate. While we are focused on providing consumers with greater choice, we also strive to be a meaningful component of our insurance carrier partners’ distribution strategy, and are therefore selective when it comes to which carriers we accept onto our platform. Our national presence, scale, broad consumer reach and our sales capability make us a partner of choice and a critical distribution channel for these carriers. We are a leading DTC insurance distributor for a number of insurance carrier partners, which helps us negotiate for attractive economics from our insurance carrier partners. For the year ended June 30, 2025, we sold over 660,000 policies for our Senior insurance carrier partners and produced more than $200 million in new premium for our Life and Auto & Home insurance carrier partners. For the year ended June 30, 2024, we sold over 685,000 policies for our Senior insurance carrier partners and produced more than $210 million in new premium for our Life and Auto & Home insurance carrier partners. For the year ended June 30, 2023, we sold over 645,000 policies for our Senior insurance carrier partners and produced more than $195 million in new premium for our Life and Auto & Home insurance carrier partners. Furthermore, our proprietary technology and tech-enabled agent model is focused on maximizing LTVs, meaning that our insurance carrier partners enjoy higher quality business from each transaction sourced through us. Our insurance carrier partners also rely on our strong internal compliance function, which records all of our calls and audits a subset of them with our Quality Assurance team to ensure that we are complying with CMS rules and regulation, telemarketing regulations, carrier internal requirements, and that the agents are meeting certain quality metrics that we deem important.

Data driven approach to maximization of policyholder lifetime value. We use advanced algorithms informed by over 1 billion consumer data points to enrich our consumer engagement strategy. Our algorithms help agents identify opportunities for cross-sell, such as offering complementary plans at the point of sale. After a sale is made, our algorithms effectively identify customers likely to purchase additional products, thereby improving the likelihood that a policyholder retains his or her policy and generating highly predictable future income. As of June 30, 2025, our dedicated CCA team was comprised of nearly 200 professionals who aim to improve the consumer experience during the post-sale carrier onboarding process, drive improved retention in the out years and

12

Table of Contents

improve cross selling opportunities. A number of the CCA team members are former licensed agents already familiar with the business and the consumer journey. This function allows our core agent force to allocate time towards new business generation. The CCA team leverages our systems to identify opportunities for consumers to purchase additional products and for us to implement tailored retention strategies. Part of the team’s function also involves a data-driven targeted outreach program to Medicare Advantage clients ahead of AEP to gauge potential interest in insurance shopping plans during the upcoming season. In order to make sure that we are making decisions with the best data possible, we partner with leading external industry consultants to review and validate our historical retention experience and projected performance. Our consistent track record of delivering strong customer retention rates creates additional value for our insurance carrier partners, solidifying SelectQuote’s position as a key partner with insurance carriers, which produces a positive reinforcement loop across our business. Our database is the result of more than 40 years of dedicated focus and investment, providing us with unparalleled insights that are difficult for competitors to replicate.

Financial profile. As a distributor of insurance products, we benefit from favorable industry trends. We earn commissions revenue on the successful sale and renewal of polices we distribute and, accordingly, our financial model does not reflect the inherent uncertainties associated with underwriting insurance risk. We have a high degree of visibility into the commissions we earn at the time of sale, as well as the renewal commissions we would earn should a policyholder renew his or her policy. Our CCA team’s efforts enhance the policyholder experience and thereby improve policyholder retention. As the policyholder renews their policy in subsequent years, our agents are not paid a commission when we receive renewal commissions from insurance carriers; each dollar of renewal commissions received directly adds to our operating cash flow. Our platform is highly scalable, which enables us to scale up or down in volume as necessary based on business needs.

Strong company culture driven by an experienced leadership team. We maintain a unique sales and consumer service-oriented culture. We are a diverse group of people who are united in our mission to provide solutions that help consumers with their overall health and financial well-being and protect their most valued assets. Through our recruiting processes, we are able to identify people who enjoy being a part of, and are motivated by, a performance-based organization. This allows us to assemble a world-class team of people who envision building their careers at SelectQuote. Our company culture is promoted by a highly experienced leadership team with deep industry experience and a track record of industry innovation. Our leaders participate in activities that drive a positive culture across the organization. We hold leaders accountable to positive culture results by asking all associates to participate in an annual Pulse survey. Leaders take the results to make improvements based on the results to contribute to strive for a positive culture at SelectQuote.

Our Growth Strategy

Maximize lifetime value. Lifetime value, which represents commissions estimated to be collected over the life of an approved policy, is a key component of our overall profitability. Our goal is to maximize LTVs, and we do so through strategies designed to maximize the revenue opportunity. Maximizing lifetime value involves continued investment in:

•Our agent experience and customer care team, which, together, enhance our close rates, commissionable premium, and ability to earn renewal and cross-sell revenue;

•Carrier relationships and, in particular, negotiation of more favorable terms;

•Pre-AEP outreach to our Senior segment policyholders to better understand emerging trends in consumer decision making;

•Technology, data, and analytics that help us optimize our marketing and lead acquisition spend; and

•Healthcare Select, which supports increased policy persistency by helping patients understand and utilize the full spectrum of benefits available under their plans.

13

Table of Contents

Optimize our agent force. Our agent force is a key element of our ability to distribute policies and earn commission revenue. Accordingly, investing in our agent force is a critical aspect of our growth strategy. In addition to maintaining an effective recruitment function to ensure our ability to hire enough agents to support our business goals, we believe the value of our agent force is maximized when we prioritize the performance and satisfaction of our agents. In support of this goal, we will continue to invest in training and technology to enable our agents to increase their productivity. Further, as we continue to grow as a company, our agents will have additional opportunities to increase their earnings and develop their careers. We believe this environment will increase our agents’ job satisfaction, helping us to build a more experienced, professional sales force that will support the growth of our business.

Deepen and broaden our insurance carrier partnerships. To ensure our ability to secure the best terms for our consumers, we maintain meaningful, long-term relationships with our partners while continuously evaluating our panel of insurance carriers. While we are selective in choosing the carriers with whom we do business, we have the ability to quickly accommodate new insurance carrier relationships and new products from existing carriers. Our focus on offering high-quality products has resulted in improved retention rates, increasing the value of our distribution model to insurance carrier partners. We also believe Healthcare Select deepens our relationships with our carrier partners by increasing plan loyalty and policy persistency, thereby reducing carriers’ costs.

Deepen consumer penetration and drive cross-selling opportunities. We are highly focused on the consumer experience and believe that customer satisfaction is a key vehicle for maximizing cross-sell opportunities and repeat business. We believe there are natural synergies across our portfolio of services and products, and we are focused on increasing cross-selling across our existing customer base. Our success cross-selling ancillary products (e.g., dental, vision and hearing, prescription drug plans and fixed indemnity) to our clients has improved over time, and we continue to look at ways to broaden our cross-selling opportunities. A large and relatively untapped opportunity is to deepen cross-sell of products to customers across all of our businesses, and we are currently employing technology and data designed to enable us to better track the customer life journey to allow us to identify and better execute on this opportunity. Additionally, we have leveraged our existing Senior database and distribution model to cross-sell to our Healthcare Services segment, as the marketing acquisition costs associated with the sale of a Senior policy are now also utilized to attain consumers for Healthcare Services as well.

Grow Healthcare Services. SelectQuote has a long-standing history of providing consumers with choice in insurance, and with the addition of Healthcare Select, we are bringing this same consumer-centric philosophy to the healthcare industry.

Our mission is to improve the health and wellness of our members by offering an unparalleled consumer experience that allows them to identify and proactively address their individual healthcare needs. The Healthcare Select platform aims to improve health outcomes and lower overall healthcare costs through proactive engagement and access to various healthcare solutions.

We aspire to be the premier navigation platform to proactively engage members within the complex landscape of healthcare products and services. We aim to achieve this by providing a world-class consumer experience that empowers members to access best-in-class healthcare solutions tailored to their individual needs. By fostering an ecosystem among payers, providers, and patients, we believe we can contribute to reducing the cost of care.

SelectQuote's ability to effectively engage the Senior market is a key differentiator, allowing us to capture value across the ecosystem and the consumer lifecycle. Our core offerings include:

•SelectQuote Senior: Commission agnostic shopping platform helping Seniors locate the best Medicare plan for their unique needs.

•Healthcare Select: Engages customers and captures health information, utilized to offer personalized health-related products and services.

14

Table of Contents

•SelectRx: High touch Patient-Centered Pharmacy HomeTM providing convenient approach to improved medication adherence.

•SelectPatient Management: Helps members with chronic conditions manage their healthcare needs.

The success of SelectRx to date not only demonstrates the strong demand and opportunity for additional growth within our pharmacy business in the future but also demonstrates the ability of our platform to serve as a distribution vehicle and an effective means for introducing additional services and products to our consumers. We believe we can realize additional growth by expanding our product offerings through Healthcare Select as well as adding new business lines that can provide needed services for Medicare beneficiaries.

In April 2025, we opened a new SelectRx fulfillment facility in Olathe, Kansas. This facility significantly expands our processing capacity, enabling increased prescription volume and improved operational efficiency. The investment underscores our commitment to enhancing service quality and driving growth within our Healthcare Services segment.

Competition

The market for distribution of insurance products is highly competitive, fragmented, and evolving as consumers increasingly transact online. Products are distributed through a variety of channels that we must compete against, including captive agents employed by carriers, independent agents working individually or in groups small and large, through online platforms that employ agents or outsource sales to independent agents, or other online platforms that distribute directly to the consumer. Our primary competitors in this space are eHealth, Inc. and GoHealth, Inc. We aim to differentiate our products and services on the basis of our agents’ ability, leveraging our technology platform, to match our consumers with insurance products we expect best match their needs. In the pharmaceutical market, SelectRx competes with other closed-door and online pharmacies such as Accudose Pharmacy and ExactCare Pharmacy, along with traditional brick and mortar pharmacies such as Walgreens and Caremark CVS that primarily sell directly to customers in person.

Employees

We are united by our mission to provide solutions that help consumers with their overall financial well-being and protect their most valued assets: their families, their health and their property, and our associates are vital to achieving this mission. In order to continue to provide consumers with effective and convenient innovative experiences and products, and compete and succeed in our highly competitive and rapidly evolving market, it is crucial that we continue to attract and retain experienced employees and agents. As part of these efforts, we strive to offer a competitive compensation and benefits program, foster a performance-based, meritocratic organization where everyone feels empowered to do their best work, and give employees the opportunity to give back to their communities and make a social impact.

As of June 30, 2025, we employed a total of 1,181 agents and 3,088 non-agent full-time equivalent employees. During AEP, we typically hire additional full-time employees to capitalize on the peak selling season and hired approximately 431 external employees for the 2024 AEP (fiscal 2025). This is fewer agents than we have historically hired for the peak season as we were able to retain more of our tenured agents during the off season. None of our employees are represented by any collective bargaining unit or are a party to a collective bargaining agreement.

Regulation

Our business operates in heavily regulated industries. Various aspects of our business are, may become, or may be viewed by regulators from time to time as being, subject, directly or indirectly, to U.S. federal, state, and foreign laws and regulations. We are affected by laws and regulations that apply to the insurance and healthcare industries, as well as those applying to businesses operating on the internet and businesses in general. This regulatory landscape includes a continually expanding and evolving range of laws, regulations, and standards that

15

Table of Contents

address financial services; information security; data collection, protection, and privacy; consumer protection; false claims; and compliance with applicable anti-money laundering, securities, and antitrust regulations, among other things. We are also required to comply with various laws and regulations governing Medicare providers, pharmacies, and providers of pharmacy care services, as well as laws governing marketing and advertising activities conducted by telephone, email, mobile devices and the internet.

Insurance and Healthcare Regulations. We are a licensed insurance producer in all 50 U.S. states and the District of Columbia. Insurance is highly regulated by the states in which we do business, and we are required to maintain various licenses and approvals and comply with related restrictions and requirements. Regulatory authorities often have the discretion to grant, renew and revoke the various licenses and approvals we need to conduct our activities and, should we fail to retain our licenses, our business and results of operations could be adversely affected.

In particular, our Senior segment is subject to a complex legal and regulatory framework, including laws and regulations governing the marketing and sale of Medicare plans. The regulations and guidance issued by CMS for Medicare Advantage and Medicare Part D Prescription Drug plans change frequently, and such changes, including changes to CMS guidance applicable to our Senior segment or the interpretation and enforcement thereof, could cause healthcare providers or state departments of insurance to object to or decline to approve certain aspects of our marketing materials and processes.

Additionally, our Healthcare Services segment is also subject to various laws governing the relationships of the business with pharmaceutical manufacturers, physicians and other healthcare providers, pharmacies, customers, and consumers, including regulations relating to anti-fraud and abuse, false claims, anti-kickbacks, beneficiary inducement, prohibited referrals, and inappropriate reduction or limitation of health care services. Civil suits (including qui tam actions) and governmental or internal investigations or reviews of business processes related to these laws and regulations could, if resolved unfavorably, result in substantial monetary damages, negative publicity, and reduced operating flexibility, all of which could increase the Company’s cost of doing business and negatively affect our results of operations.

Pharmacy and Pharmacy Care Services Regulation. We are also subject to various state and federal laws and regulations governing pharmacies and providers of pharmacy care services, including applicable Medicare provider regulations, state and federal anti-kickback laws, and regulations governing the labeling, packaging, advertising, and adulteration of prescription medications. As a dispenser of controlled substances, SelectRx is also subject to certain licensing and registration requirements of both state and federal regulatory authorities, including the U.S. Drug Enforcement Administration (“DEA”) and various state controlled substance authorities. SelectRx is also required to comply with certain laws and regulations of the states in which it provides home delivery services, including the requirements of some states to register with the state board of pharmacy.

Federal and state legislators regularly consider new regulations for the industry, including potential new legislation and regulations regarding the receipt or disclosure of rebates and other fees from pharmaceutical companies; the development and use of formularies and other utilization management tools; the use of average wholesale prices or other pricing benchmarks; pricing for specialty pharmaceuticals; limited access to networks; and pharmacy network reimbursement methodologies, any of which could materially affect current industry practices.

Federal Privacy, Security, and Data Standards Regulation. We are subject, whether directly or indirectly, to numerous federal laws and regulations related to the privacy and security of health information. In particular, regulations promulgated pursuant to the Health Insurance Portability and Accountability Act of 1996 (“HIPAA”), as amended by the Health Information Technology for Economic and Clinical Health Act (“HITECH”), and the Gramm-Leach-Bliley Act (“GLBA”) establish privacy, security and breach reporting standards that, among other things, limit the use and disclosure of certain individually identifiable health information and require the implementation of administrative, physical and technological safeguards to protect such information. As a provider of services to entities subject to HIPAA, we are directly subject to certain provisions of the regulations as a “Business Associate.” When acting as a Business Associate under HIPAA, to the extent permitted by applicable privacy regulations and contracts with customers, we are permitted to use and disclose protected health information

16

Table of Contents

(“PHI”) to provide our services, and for certain other limited purposes; however, other uses and disclosures of PHI, such as in marketing communications, require written authorization from the patient or must meet an exception specified under the applicable privacy regulations. If we were found to have breached our obligations under HIPAA, GLBA, or certain federal consumer protection laws, we could be subject to enforcement actions by the U.S. Department of Health and Human Services, the Federal Trade Commission, and other state and federal health regulators and face various claims from private plaintiffs, including class action law suits.

State Privacy and Security Regulations. Our privacy and security practices may be affected by various state privacy laws, including statutes designed to implement certain GLBA provisions and other laws and regulations governing the use, disclosure, and protection of social security numbers, credit card account data, PHI, and other personally identifiable information. Many states have recently adopted laws or regulations of this nature, including New York, whose cybersecurity regulation for financial services companies requires entities under the jurisdiction of the New York Department of Financial Services (“NYDFS”), including insurance entities, to establish and maintain a cybersecurity program designed to protect private consumer data. The Insurance Data Security Model Law (the “Cybersecurity Model Law”) adopted by the National Association of Insurance Commissioners (“NAIC”) is functionally similar to the NYDFS rule and is intended to establish the standards for data security and for the investigation and notification of data breaches applicable to insurance licensees in states that have adopted the law.

Our privacy and security practices related to personally identifiable information, including information related to consumers and care providers, may also be affected by various state consumer protection laws. Different approaches to state privacy and insurance regulation and varying enforcement philosophies may materially increase our costs associated with standardizing and delivering our products and services across state lines.

Other Regulations. The United States also regulates marketing by telephone and email, and the laws and regulations governing the use of emails and telephone calls for marketing purposes continue to evolve. Further, changes in technology, the marketplace, or consumer preferences may lead to the adoption of additional laws or regulations or changes in interpretation of existing laws or regulations. The Telephone Consumer Protection Act prohibits companies from making telemarketing calls to numbers listed in the Federal Do-Not-Call Registry and imposes other obligations and limitations on making phone calls and sending text messages to consumers. The CAN-SPAM Act regulates commercial email messages and specifies penalties for the transmission of commercial email messages that do not comply with certain requirements, such as providing an opt-out mechanism for stopping future emails from senders. We may be required to comply with these and similar laws, rules and regulations.

See “Risk Factors—Risks Related to Laws and Regulation” for additional information.

Intellectual Property

We rely on a combination of copyright, trademark, and trade secret laws and contractual agreements to establish, maintain and protect our intellectual property rights and technology. We enter into confidentiality and invention assignment agreements with our employees and enter into confidentiality agreements with third parties, including suppliers and other partners. We monitor our intellectual property regularly with the goal of ensuring all applicable registrations are maintained.

Seasonality

Due to the seasonal nature of our Senior segment’s operations, a significant amount of our commissions revenue is generated during our second quarter. The seasonality of the Senior segment’s operations is driven mainly by AEP, which takes place each year from mid-October to early December. We address this seasonal demand by employing strategies to retain our tenured, more productive agents during our slower months and recruiting a smaller number of additional sales agents, who are hired in our fourth quarter and trained before they start selling during AEP in the second quarter. For the years ended June 30, 2025, 2024, and 2023, this timeline resulted in 31%, 31%, and 32%, respectively, of our total consolidated revenue being generated during the second quarter.

17

Table of Contents

Additionally, for our Healthcare Services segment, we see a significant influx of new patient enrollments during the AEP season, which is driven by the increase in sales from our Senior segment.

Corporate Information

We were incorporated in Delaware on August 18, 1999, under the name SelectQuote, Inc. to serve as a holding company for our business subsidiaries, including SelectQuote Insurance Services, our original operating company, which was incorporated in California on August 14, 1984. Our principal executive offices are located at 6800 West 115th Street, Suite 2511, Overland Park, Kansas 66211, and our telephone number at that address is (913) 599-9225.

Available Information

Our website address is www.selectquote.com. Information contained on our website is not incorporated by reference into this Annual Report on Form 10-K, and you should not consider information contained on our website to be part of this Annual Report on Form 10-K or in deciding whether to purchase shares of our common stock. The U.S. Securities and Exchange Commission (“SEC”) maintains an internet site that contains reports, proxy and information statements, and other information regarding issuers that file electronically with the SEC at www.sec.gov. Our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and amendments to reports filed or furnished pursuant to Sections 13(a) and 15(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) are also available free of charge on our investor relations website as soon as reasonably practicable after we electronically file such material with, or furnish it to, the SEC.

18

Table of Contents

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

Unless the context otherwise requires, we use the terms “SelectQuote,” the “Company,” “we,” “us” and “our” in this report to refer to SelectQuote, Inc. In addition to historical information, this Annual Report on Form 10-K contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Exchange Act. These forward-looking statements reflect our current views with respect to, among other things, future events and our financial performance. These statements are often, but not always, made through the use of words or phrases such as “may,” “should,” “could,” “predict,” “potential,” “believe,” “will likely result,” “expect,” “continue,” “will,” “anticipate,” “seek,” “estimate,” “intend,” “plan,” “projection,” “would” and “outlook,” or the negative version of those words or other comparable words or phrases of a future or forward-looking nature. These forward-looking statements are not historical facts, and are based on current expectations, estimates and projections about our industry, management’s beliefs and certain assumptions made by management, many of which, by their nature, are inherently uncertain and beyond our control. Accordingly, we caution you that any such forward-looking statements are not guarantees of future performance and are subject to risks, assumptions and uncertainties that are difficult to predict. Although we believe that the expectations reflected in these forward-looking statements are reasonable as of the date made, actual results may prove to be materially different from the results expressed or implied by the forward-looking statements.

There are or will be important factors that could cause our actual results to differ materially from those indicated in these forward-looking statements, including, but not limited to, the following:

•Our reliance on a limited number of insurance carrier partners and any potential termination of those relationships or failure to develop new relationships;

•Existing and future laws and regulations affecting the health insurance market, and other developments in the U.S. health insurance system;

•Changes in health insurance products offered by our insurance carrier partners and the health insurance market generally;

•Changes to commissions paid by insurance carriers and underwriting practices;

•Competition from government-run health insurance exchanges and with brokers, exclusively online brokers, and carriers who opt to sell policies directly to consumers;

•Our dependence on revenue from carriers in our Senior segment and downturns in the senior health and life insurance industries;

•Our ability to develop new offerings and penetrate new vertical markets;

•Risks from third-party products;

•Failure to enroll individuals during the Medicare annual enrollment period;

•Our ability to attract, integrate and retain qualified personnel;

•Our dependence on lead providers and ability to compete for leads;

•Failure to obtain and/or convert sales leads to actual sales of insurance policies;

•Access to data from consumers and insurance carriers;

•Accuracy of information provided from and to consumers during the insurance shopping process;

19

Table of Contents

•Cost-effective advertisement through internet search engines;

•Ability to contact consumers and market products by telephone;

•Consumer demand for prescription medications and our ability to meet such demand;

•Safety risks associated with consumers’ use of prescription medications dispensed by our pharmacy;

•Global economic conditions, including inflation;

•Disruption to operations as a result of future acquisitions;

•Significant estimates and assumptions in the preparation of our financial statements;

•Impairment of goodwill;

•Potential litigation and other legal proceedings or inquiries, including the Department of Justice action alleging violations of the False Claims Act by us and other industry participants;

•Our existing and future indebtedness;

•Access to additional capital;

•Failure to protect our intellectual property and our brand;

•Fluctuations in our financial results caused by seasonality;

•Accuracy and timeliness of commissions reports from insurance carriers;

•Timing of insurance carriers’ approval and payment practices;

•Factors that impact our estimate of the constrained lifetime value of commissions per policyholder;

•Changes in accounting rules, tax legislation and other legislation;

•Disruptions or failures of our technological infrastructure and platform;

•Failure to maintain relationships with third-party service providers;

•Cybersecurity breaches or other attacks involving our systems or those of our insurance carrier partners or third-party service providers;

•Our ability to protect consumer information and other data;

•Failure to market and sell Medicare plans effectively or in compliance with laws;

•Risks related to our being a public company; and

•The other risk factors described under “Risk Factors.”

The foregoing factors should not be construed as exhaustive and should be read together with the other cautionary statements included in this Annual Report on Form 10-K. If one or more events related to these or other risks or uncertainties materialize, or if our underlying assumptions prove to be incorrect, actual results may differ materially from what we anticipate. Many of the important factors that will determine these results are beyond our ability to

20

Table of Contents

control or predict. Accordingly, you should not place undue reliance on any such forward-looking statements. Any forward-looking statement speaks only as of the date on which it is made, and, except as otherwise required by law, we do not undertake any obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise. New factors emerge from time to time, and it is not possible for us to predict which will arise. In addition, we cannot assess the impact of each factor on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements.