Sam Madden, UK Director at Wiraya, examines the state of price comparison sites targeting the insurance industry.
Competition in the insurance industry has always centred on one common denominator, price. There's no denying the impact search engines like ComparetheMarket.com have had on purchase decisions, with the cheapest provider almost always winning out. However, change is afoot.
In September, a spotlight was shone on the price comparison arena. The Competition and Markets Authority (CMA) launched a probe into Comparethemarket.com'stracts with insurers. The site is now facing allegations that it has done deals with insurers that prevent them from making cheaper offers on other websites. This is known as the "most favoured nation" clause and goes against fair pricing regulation in the UK.
Read the full article here: http://www.ibtimes.co.uk/insuretech-breaking-point-price-competition-1643609