|[February 14, 2014]
A.M. BestTV: View from Washington; US Regulatory System Slows Aggregator Wave
OLDWICK, N.J. --(Business Wire)--
In this episode of A.M. BestTV, experts discuss how the U.S. state-based
regulatory system adds layers of complexity for auto coverage comparison
websites, which dominate the U.K. landscape. In the United Kingdom,
aggregators have revolutionized the distribution of insurance, with
nearly 60% of auto policies are bought online, according to McKinsey &
Company. Tanguy Catlin, a principal at McKinsey & Company (News - Alert), said
insurance companies there have had to alter core operations to adapt to
this new online consumer behavior, which brings positives and negatives.
However, he pointed out that the United States is not just one insurance
market, it is 50 insurance markets, each with its own regulatory regime.
Justin Dangel, CEO of Consumer United, said that presents problems for
comparison websites in generating quotes. As aggregator use rises in the
United States, Andrew Rose, CEO of Comparenow.com, said companies are
working hard to remain at the top of consumers' minds as competition
grows. Alan Bauer, a management consultant credited with selling the
first online policy with Progressive, said the growing ease customers
have online makes the increased use of aggregators in the United States
more than likely in the near future. Click on http://www.ambest.com/v.asp?v=aggregator214
to view the video program.
People who appear in this episode include:
Tanguy Catlin, Principal, McKinsey & Company;
Justin Dangel, Chief Executive Officer, Consumer United;
Andrew Rose, President and CEO, Comparenow.com; and
Alan Bauer, Management Consultant, Former Direct Group President,
The panel explored these issues in the Best's Review webinar, "The
Future of Auto Insurance Distribution in the United States." The full
webinar is available at http://www.bestreview.com/webinars/auto13.
Additionally, this episode's "View from Washington" takes a 60-second
look at regulatory actions that impact the insurance industry.
A.M. BestTV covers exclusive A.M. Best Co. information and
reports, targeted topics and key developments in the (re)insurance
industry every Monday, Wednesday and Friday. Sign up for alerts of
episodes at http://www.ambest.com/multimedia/ambtvsignup.html.
View A.M. BestTV episodes at www.ambest.tv.
A.M. Best Company is the world's oldest and most authoritative
insurance rating and information source. For more information, visit www.ambest.com.
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