Friday, March 06, 2015

Google Introduces Long-Anticipated Insurance Shopping Site - NYTimes.com

Another chapter in Google's mission "... to organize the world's information and make it universally accessible and useful," even when doing so is disruptive for others who used to make tidy profits by leveraging privileged information
"While online insurance shopping has not eliminated insurance brokers the way online airline shopping decimated travel agents, Google and others have hundreds of billions of reasons for trying. In 2013, insurers wrote $481 billion in premiums for property and casualty insurance, which consists of mostly auto, home and commercial insurance, according to the Insurance Information Institute, an industry group.

That would place a rough estimate of agents’ commissions, including commissions to small-time agents as well as to brokers who sell large commercial policies, at $50 billion.

“This is a massive space, yet it’s one of the very last products that previously have not been bought through comparison sites,” said Joshua Dziabiak, a founder of The Zebra, an Austin, Tex., comparison shopping site for auto insurance."
Google Introduces Long-Anticipated Insurance Shopping Site - NYTimes.com
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