The demise of Google’s online insurance comparison site Google Compare is being hailed by some in the industry as a victory for the traditional agency system.
But agents may want to hold off on breaking out the champagne. Leading online insurance shopping sites say they are not deterred by Google’s missteps in the online insurance shopping space. In fact, they are just ramping up and have big plans to expand their reach through partnerships with companies outside of the insurance industry.
“Insurance is not the reason Google Compare shut down,” said Keith Moore, CEO of online insurance compare, quote and buy site CoverHound.com, which was a partner of Google Compare that connected its users to CoverHound’s platform to purchase policies.
Moore said Google Compare’s issues had nothing to do with the industry or the CoverHound platform, which he says has been steadily growing since it first opened for business in 2010. CoverHound reported premium growth of 117 percent quarter to date year over year, and says it has already delivered 428,000 customer quotes through 30 carriers on its platform in 2016.