Google Insurance Comparison
With News Google has registered business names in the United States for its car insurance comparison site, could it also be planning to bring it to Australia?
Google currently compares 176 insurance providers in the United Kingdom, however it face a number of hurdles before it could enter into the Australian insurance market
1) Insurers reluctance
Since 2002 the owners of Quotesonline have approached leading Australian insurers, all of whom refuse to enter into the aggregation space, fearing it will drive the all ready tight market down to the lowest price. There are insurers who have flourished in the comparison space, like Budget Direct.
2) Regulatory hurdles
ASIC has already identified a number of concerns with some comparison websites, including that some of the websites:
- only compare a limited number of brands/products from a limited number of providers. This may not be clearly disclosed which creates the impression that the extent of comparison is much broader than it actually is
- use ‘ratings’ and ‘rankings’ for products without a clear explanation of the basis for those ratings and rankings
- refer to ‘special offers’ and ‘featured products’ without properly explaining the basis of selection of certain products.
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