Comparing insurance online has changed the way many insurance companies are doing business. Although some insurance companies still do not use comparison websites to market their products most see the potential of the comparison website to focus their marketing efforts.
The focus in the early stages was on general insurance such as vehicle and house insurance. There are few variables in these forms of insurance and initial quotes are fairly accurate. As the public became comfortable using the web to search for insurance these sites grew. Soon the websites offered other products including long-term insurance, such as life insurance.
What can be found on UK’s insurance comparison websites? General insurance is still the most available form of insurance quoted in comparison websites from in the UK. According to the Financial Services Authority almost 25 per cent of private motor-vehicle insurance customers used comparison websites to source quotes and information in 2007. Some of the insurance produces being marketed through comparison websites include vehicle insurance, home insurance, travel insurance, life insurance and to a lesser extent medical insurance, business insurance and item (artwork, antique) insurance. Most insurance comparison websites are able to provide instant quotes of general insurance once details are supplied.
A few sites will send customers directly to a broker. Most websites promote cheap or low-cost general insurance, however when promoting long-term insurance products such as life insurance and health insurance there is less of a promotional push in providing the cheapest quotes. Most do not offer quotes directly but rather collect personal details such as age and sex and contact details then pass this information to a broker who contacts the customer. There are ever some sites that do not compare insurance policies but are simply a tool for insurance companies to identify customers and direct sell its insurance.
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