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Comparison sites turn attention to commercial insurance

17th May 2010 Print

A report by independent financial research company Defaqto reveals that 65% of the top 20 financial price comparison websites already provide access to business insurance either as introducers to various online providers or by providing quotations through a limited panel of insurers.

Mike Powell, Insight Analyst at Defaqto, said "The home and motor insurance markets are already well served by many aggregator websites so it is inevitable that the price comparison websites will be exploring new areas to expand their coverage. Small and Medium Enterprise (SME) commercial insurance is certainly ripe for such expansion and they could take a significant market share in its future distribution."

He added: "However many of the SME insurers have a great deal of work to do if they are to address this potential increase in demand from aggregators. According to our research 43% of intermediary insurers do not facilitate online quotations for SME insurance so it is clear that many will have to make significant investments if they are to cater for online quotations for the less complex risks as well as providing the required level of e-business facilities."