Google’s auto Insurance distribution play is interesting, but the bigger play may be for the company to be a provider of what makes the industry run, not just of the capabilities the industry uses to sell.
While Google says it does not want to be a carrier, nor even an aggregator, it is poised to disrupt the insurance market by leveling the competitive playing field for smaller auto insurers who can access customers through the Google brand.
Google supplies something that was lacking from insurance companies’ interaction with consumers, but it introduces disruption into the industry’s distribution paradigm and levels the playing field between carriers.
With its new service Google introduces an easy insurance quote and compare process. Since consumers are already online and using Google’s search engine to find car insurance, it’s a natural and easy transition to then actually purchase a policy.
The new program is designed to provided insurers simple, no-risk participation in Google Compare via the Bolt Platform.
Having the capability to tailor communications to the customer’s needs, delivering relevant, personalized messages through the channel of the customer’s choice, will be critical to improving loyalty of existing customers and winning new ones.
Google Auto Compare may make a big initial splash, but unless the company’s plans to enter the insurance market change significantly, there doesn’t appear to be any real danger for agents or carriers for the time being, argues Sean Allen of Xchanging.
Google’s entrance has signaled that innovation and evolution is coming to insurance–these are exciting times, and the companies that will thrive are those that will embrace the opportunity to reinvent how to serve and engage their customers.
Google Compare was never one-tenth of the threat to insurers and insurance agents that many in the industry thought it represented.
As a participating agency in the new online comparison site, Bolt is partnering with a select group of insurance carriers to leverage Google to more effectively reach consumers in the midst of their insurance buying decisions.