In this edition of ACORD Tech Talk, host Johnell Johnson speaks with Bolt Solutions CEO Eric Gewirtzman discusses the launch of Google Compare and how comparison shopping will affect the insurance industry. “Bolt Google Connect” enables insurers to quickly and easily participate in Google Compare, a comparison-shopping site that lets consumers compare rates from different insurance providers.

Mr. Gewirtzman describes one approach to the “comparison” process, when consumers go to a website, submit information and receive multiple proposals from multiple companies. Another approach provides a quote from a hosting company, but also provides information about competing products that complement the original inquiry, so the carrier can maintain the customer relationship.

The lagging insurance industry is experiencing a dramatic change with consumers looking to buy in a different way, shifting power from the carrier to the consumer. Mr. Gewirtzman says the business decision for insurers is how to embrace the comparison model to position the carrier’s products beneficially. He says “Comparison is happening…and insurers need to play in it.”

The question for insurers is how to participate in comparison shipping. Mr. Gewirtzman sees Amazon’s approach vert different to that of eBay. Early adopters of comparison shopping in insurance need to find out what works for them. “Comparison is not necessarily a channel of distribution. It is more of a function.” Insurers need to execute in order to win in ‘comparison.’

For more on the technologies affecting the insurance industry, visit the ACORD website.

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