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, 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.
“The Future of Auto Insurance Distribution in the United States.”
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, Progressive Insurance.
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.
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