Price comparison sites are impacting consumers’ ability to understand what products they are buying and may be widening the protection gap, according to representatives from The Association of British Insurers (ABI) and British Insurance Brokers' Association (BIBA).
Speaking at a Parliamentary Committee meeting held by the Financial Services Regulation Committee, both associations were asked to provide oral evidence regarding the regulation of the consumer insurance market. Price took centre stage for much of the discussion, with both representatives believing consumer insurance focuses too much on cost over product suitability. Graham Trudgill, CEO, BIBA, said: "Currently, we believe there is too much focus on price as opposed to the suitability of the insurance for that specific customer's needs, and this is evidenced, I think, by firms being c...
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