The website, which Google Inc. (NASDAQ:GOOG) plans to launch in the coming months of 2015, will not only compare policies for you, but will also make it easier for you to make an informed decision and buy the policy on the same website.
It is a one-stop solution that Google aims to provide in order to make the hassle of purchasing insurance policies in the US a lot easier for the consumers. As hard as it seems to purchase an insurance policy when it is needed, Google thinks it can streamline the process as much as is possible, of course with the help of technology.
To start, though, Google seems to be testing the market for its response that is why it is not going to present insurance policies pertaining to all fields that are currently workable in the US. The company has settled with the automobile industry for now as its insurance policy hub, and plans to sell insurance policies that cover automobiles in the US.
According to analysts, the US is not the only country that will experience the joy of this online auto insurance comparison website. According to them, Google Compare will do something very similar in the UK in the coming months after its launch in the country. Ellen Carney, who is an analyst at Forrester, United Kingdom will be the first to experience the service right alongside the US, with more markets being tapped if this initial test phase proves successful for the Android makers.
The idea, according to Carney, has been in the pipeline for more than two years, and the road seems to have witnessed a lot of road blocks along the way. It seems to biggest culprits were the insurance companies themselves, which found the inception of the new service a threat to the business. Of course when customers will have an online medium where they could easily search and compare all the policies available to them, getting the most beneficial one would become an easy task. It was argued that Google Compare would drive the few less competent insurance policy makers out of business.
However, most analysts are of the opinion that the inception of the website and the provision of the service will not prove detrimental to the business of the insurance companies at all. In fact, it will increase the total revenue the auto insurance industry experiences by a landslide. As more and more consumers will now have easy access to auto insurance policies, it is being analyzed that revenue will increase as more policies will be sold.
But, does Google have the license to sell an insurance policy? Will an insurance policy bought off of a Google website be actionable in the court of law? Yes, according to reports, as Google has bought licenses to sell insurance policies to the general public, which makes the whole process legally binding between the insurance policy seller and receiver.
Inception of the new Google Inc. (NASDAQ:GOOGL) service Google Compare seems in line with Google’s list of new services in recent times. Google seems to be working hard to increase revenue, and so far its plans have proved fruitful.
