Comparison Sites May Be About To Unsettle Australian Motor & Home Insurers

This is an important disruptive development for mainstream insurers. Finder has become the first comparison website to gain access to financial product information and consumers’ banking data, under the government’s consumer data right regime. Finder will be able to ask for a consumer’s consent to use their banking data to provide personalised recommendations via the Finder app, a money management tool the website launched in March last year - & reportedly downloaded 122k times! To date comparison sites have struggled to get traction in mainstream motor & home insurance. If the likes of Finder can develop a slick, value add propositions using data to find savings, the fortunes of comparison websites in motor and home insurance may be about change. It will be fascinating to monitor what evolves.

Source: Mortgage Business