Ever expanding into every industry, the retail giant has now stepped into selling vehicle coverage.
Walmart has announced that it is stepping into the auto insurance business in what it calls its expanding effort to ensure that consumers are always paying the lowest prices for everything that they need.
This, according to a recent news announcement that was made by the retailer.
The largest retailer in the world has revealed its partnership with AutoInsurance.com, which is a website that provides price comparisons and policy shopping services. That site was formed after its parent company, Tranzutary Insurance Solutions, was approached by Walmart with the hope that they would be able to form an integrated service for auto insurance that would give consumers the ability to shop for and buy the policies that they want, using a single site. This differs from the insurance technology that is essentially standard in the comparison world, which compares the policies and then redirects the site user to the individual insurer’s website once they are prepared to make a purchase.
This auto insurance service has already been piloted by the company in Pennsylvania.
Following that trial effort, the service has now expanded to eight states. The retailer has every intention to roll it out across the entire country within the next few months. The way that the site functions is that it draws information from an existing vehicle insurance policy and then allows the user to be able to compare the rates across a range of different insurers, such as Esurance, Progressive, Travelers, Safeco, and others.
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Then, instead of being redirected to the insurer of choice, once the policy has been selected by the user, the new website will allow the policy to be purchased directly. According to the Walmart senior vice president of services, Daniel Eckert, “This is something Walmart had been studying and hearing a lot from their customers on.”
He added that as the company began to look into what was already available within the online vehicle coverage marketplace, it was clear that “there was no simple, accessible, transparent way to do auto insurance.”