Recent years has seen increases in the number of insurance aggregators appearing on the internet.
Insurance aggregators aim to establish a simple principle, namely working with a number of direct insurers and intermediaries to deliver a simple experience by allowing customers to complete a generic questionnaire to secure insurance premium quotes from a number of insurance providers.
The Comparison Consortium, established earlier this year to regulate and represent the online price comparison industry, has announced plans to develop a new code of practice for aggregators, in association with Association of British Insurers (ABI).
With input from the ABI, it plans to develop a code of practice for online insurance services and professional guidance for insurers which use them.
The working group will create an accreditation scheme for websites that adhere to its code of practice in order to offer regulation and professional standards to the industry as a whole.
Richard Mason, the current head of the Comparison Consortium said:
“Since the establishment of the Comparison Consortium earlier this year we have been working hard behind the scenes to establish strong working relationships with other industry bodies where we have a mutual interest. The establishment of this working group illustrates the growing level of respect for our organisation within the price comparison industry.”
There is no doubt that price comparison websites have, in short, “revolutionised” the insurance industry, and insurers have adapted pricing strategies for such websites but such initiatives have led to confusion for the customer due to the way prices are quoted online.
Price is of course an extremely important factor but will not always be the deciding factor. This should be left to individual choice, but all too often unfortunately, the customer finds themselves struggling to make a true comparison of the products on offer as the benefits offered by each policy are not clear.
The work of the Comparison Consortium is to address some of these issues and bring about greater clarity and transparency to the market as a whole, something which will benefit everyone, insurers and the customer alike.
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