The Comparison Consortium is teaming up with the ABI to develop a new code of practice for online insurance aggregators. The ABI and the Comparison Consortium, the trade body which regulates and represents the online price comparison industry, is establishing a working group in a bid to bring regulation and professional standards to the industry as a whole. The aim of the group is to develop a code of practice for online insurance aggregators and professional guidance for insurers who utilise them. In addition, the working group will create an accreditation scheme for websites that adhere to its code of practice.
Msg#: 3856792 posted 1:03 pm on Mar 15, 2009 (gmt 0)
Not sure if this is good news or bad news. I know some of the major insurance companies arent happy about the whole comparison engine situation. Going as far as calling them "middle men" in their commercials.
The truth is the insurers involved wherent able to compete with the prices beeing offered by the comparison engines. The referance to them as middlemen was technicaly true, but at the end of the day the cost to the consumer was still the same no matter if they went throug the comparison engine or directly the the cheapest insurer. I imagine the insurer was an affiliate of the engine, but this is an entirely different matter, it didnt effect the end cost.