Google will soon launch auto insurance in the US, and is already licensed to sell insurance in 26 states on behalf of six insurers

Google

Country: United States  
Year: 2015
Google will soon launch auto insurance in the US, and is already licensed to sell insurance in 26 states on behalf of six insurers

Competition in the insurance industry could quickly intensify as consumers become more open to buying insurance not only from traditional competitors such as banks but also from Internet companies
On an aggregator platform, insurance companies could reflect on how to distinguish their services and coverage offers from their competitors, on parameters other than price
Google clearly presents formidable competition for other insurance sellers, that could strategize to either partner with them or prepare to compete with them

Concept

  • Google Compare Auto Insurance Services is currently licensed to sell insurance in 26 states and is authorized to sell policies
  • Google is aggressively building its access to insurers both directly and via partnership. The deal with CompareNow gives Google access to roughly 30 insurers, including many of the biggest insurers in California and Texas – the nation’s largest auto insurance markets
  • Google has partnered with CompareNow.com, an aggregator in car insurance and have been signed up a number of insurers
  • Google already provides auto- and travel-insurance quotes in the U.K., as well as mortgage quotes, and even credit cards

Consumer Benefits

  • Google currently offers a service in the UK for users to compare over 125 auto insurance options, and takes a commission from the insurer when a user buys insurance online or by phone.  The user gets a platform to choose amongst 125 insurers and the insurer can leverage on the reach of Google

How to use

  • For the Google UK Car Insurance Comparator, go to the website, type in car details followed by cover details and driver details
  • This is followed by a display of a range of quotes offered by different insurance companies
  •  User can choose the insurer he prefers based on the package offered as well as the price, and purchase online

 

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