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Insurance Companies Cashing In on Consumers


Referrals Turn Out to Be Big Business for Insurers

Several industries make money referring their clients to competitors when they canít fulfill their needs, and now it appears as though the insurance industry is following suit. Much like airlines, insurers are sending leads to their competitors, and cashing in big as a result. The recent alliance between More Than and Junction highlights this growing trend.

Currently, potential customers of More Than that donít get a quote to their liking, will find themselves referred to Junction for a better deal. More Than will then get a small fee for referring their customer. Although it does benefit consumers by providing them with alternative pricing for many different types of insurance, such as health insurance or even car insurance, experts wonder how quickly this practice will grow and become acceptable amongst general insurers in retaliation to the growing number of insurance aggregator/comparison websites.

The trend also highlights a changing attitude within the insurance industry. As competition gets stiffer, many are finding it necessary to take advantage of any income stream they can come up with, even if it does mean sending potential customers away in search of a better deal. This shift from plain insurance to comparison service has been gradual, but is picking up speed.

Without a doubt, consumers seeking different policies will find it easier to save money in the long run, but the lines of demarcation between insurance companies are definitely growing less clear, leaving many to wonder just how far the insurers will go to make a profit. This practice, which is common with US car insurance companies, may just become standard over the next few years.

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