Google Shuts Down Online Insurance
In March 2015, Google announced that it was launching into a new category, the insurance business. With Google’s partnerships with Compare.com and Coverhound.com, Google launched Google Compare to offer an online comparison tool for several major insurance carriers. Among those carriers were, Mercury Insurance and MetLife Insurance. Google Compare was based on a flexible cost- per-acquisition model; however payment was not a factor in ranking or eligibility. Google Compare also utilized TurborRater, an online rating application that provided auto insurance quotes to online consumers, through their partnership with Insurance Technologies Corporation (ITC). This application caused a mass apprehension among independent insurance agents. But why did Google shut down their online auto insurance tool so quickly (less than a year after launch)?
Why Google Shuts Down Online Insurance Tool?
According to one of Google’s partner insurance companies, several reasons that possibly led to this decision:
- A conflict of the model with Google’s main source of revenue (the pay-per-click)
- Distracted with the insurance market which led to very slow development
- Only launched in 4 states over the course of the 9 months.
- Their estimation was to be in at least 24 states.
- An underestimation of the complexity in personal auto insurance
- A fluid and changing market for online comparison
- Consumers fascination with their personal agents
What Does this Mean for Online Markets and Independent Agents?
Even with Google’s temporary shut down it means that online comparison markets are still active and still going to innovate new ways to compare insurance electronically. Google has received a strong suggestion for their parent company to American International Group Inc. to expand into the insurance market. This could mean that the shutdown is actually Google Compare going dark to improve the tool and to improve the customer’s overall experience.
As for independent agents, this is both a loss and a win. For many agents, like at Compass Insurance, they are able to work with their clients to determine the best coverage options for all their individual needs. This can be done through live representative systems which allow for more flexibility and adaptability to respond to changes and any unforeseen circumstances. However, these agents can also utilize the online marketing applications to deliver fast, efficient and reliable information from various companies to aid in agent’s customer service.
The agents at Compass Insurance are working for you to get their customers the fastest, most accurate, and most affordable quotes. Our local Michigan agents will speak to you live and have the freedom to offer the best option possible. We work with 17 insurance providers, including Nationwide, Progressive and Citizens to stay current on the changing insurance landscapes and laws. We are able to provide you the best answers to all of your insurance questions and are there when you need it most.
Sick of Dealing with Glitchy Online Insurance Systems, Focused Solely on Upselling Their Users?
Compass Insurance Agency is hands down better than Google’s online auto insurance tool. Don’t get shut down by some glitchy automated online algorithm only offering auto coverage, get comparable quotes fast for all your insurance needs such as bundling discounts, auto, home, life, health, and commercial insurance. We offer unbiased recommendations to ensure that you are getting the best and most affordable insurance tailored to you. We work solely for you and not these big corporations or tech companies. Just click or call below to get started the simple way.