As the provisions of the Affordable Care Act begin to come to fruition, the role of independent insurance agents is becoming more vague. In an effort to embolden independent agents, the Consumer Agent Portal LLP, a coalition of property/casualty insurers that support independent agents, has launched a new online resource system that is designed to give agents access to the 65% market share they are missing out on. The system will take advantage of the growing electronic market, which is becoming a major playing field in the world of insurance…
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Indian Insurance Regulatory and Development Authority announces stricter sales site guidelines
The Insurance Regulatory and Development Authority (IRDA) in India has announced that it is issuing tighter guidelines for policy comparison sites that are also selling insurance products for multiple insurers through an affiliate relationship. Third party affiliate insurance comparison websites earn a commission from the associated insurance company every time they sell a product through their site. Until now, there have been neither any regulations as to the allowable size of the commission, nor any pre-requisites regarding the candidacy to enter into the business of an insurance affiliate website. The…
Read MoreGEICO launches Facebook app to connect with consumers
With the nation’s health insurance system soon to become electronic, other insurance industries are attempting to establish their digital presence in the hopes of connecting with consumers. GEICO Insurance has long enjoyed a formidable presence on the Internet, even before the so-called “digital gold rush.” The auto insurer is looking to further its reach, however, and has launched a new application on Facebook titled “GEICO Shortcuts.” The app will help GEICO customers find policies through the social network. Facebook has been targeted by the insurer due to its dramatic and…
Read MoreAllstate’s acquisition of Answer Financial and Esurance reflects a change in consumer insurance shopping habits
Allstate Insurance has announced that it has acquired Answer Financial and Esurance, which underlines the continuing changes in the way that consumers shop for their auto insurance. According to Online Auto Insurance (OAI), it also illustrates a number of opportunities that have arisen from these changes so that insurers. An increasing number of consumers in the United States have been buying their auto insurance policies directly from the insurers through their websites, as opposed to speaking with an agent. This trend has led some of the larger insurance companies, such…
Read MoreHomeowners insurance increases by 6.5 percent over 2010
Homeownersinsurance.com data has revealed that the average home insurance rate in May 2011 in California was approximately $770. When compared to the same time in 2010, this was an increase of 6.5 percent, as the average premium at that time was $729. HomeownersInsurance.com is a division of HomeInsurance.com LLC, which is marketplace for insurance online and is comprised of a group of more than 125 licensed insurance agents who sell homeowners insurance products across the United States. The CEO of the company, Carlos Lagomarsino, said that the Californian insurance rates…
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