Consumers are used to constant evolutions in technology, whether it’s updated versions of their phones, computers, or even vacuum cleaners and hairdryers. When it comes to comparative rating solutions for insurance, however, time seems to have stopped.
“Consumer rating systems have pretty much remained the same since some of the first ones were launched back in 2008,” said Laird Rixford, CEO at Insurance Technologies Corporation (ITC). “They were very simple – [with] name input, address input – and there was nothing that really engaged the customers [since] they were a basic contact form that was no better than any other contact form on the internet. The only thing was that if you went through all the screens, you were able to end up with some prices from multiple carriers.”
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