With a recently launched application, vehicle owners can now enter their license plate numbers and ID numbers to receive quotes from all insurance companies and compare liability insurance premiums from different companies on a single screen. 32% of quotes received like this converted into sales.
The new 'Liability Insurance Quote' app, which aims to help vehicle owners access liability insurance, quotes from different companies faster and more conveniently, has recently been started. This new application, which also aims to increase competition among companies, is provided by Insurance Information and Monitoring Center (SBM).
With this new application vehicle owners can now enter their license plate numbers and ID numbers to receive quotes from all insurance companies and compare liability insurance premiums from different companies on a single screen. SBM Managing Director Aydin Satici stated that with this new application citizens are now given the opportunity to choose the optimum liability insurance policy for them and provided the following information about the initial results of this new system which was commissioned a of September 30th:
60% are automobiles
• Thanks to the convenience brought about by this application a total of 3 million quote requests were received by the system until now.
• We saw that 60% of the quotes received for received for automobile category vehicles.
• with this application we received quote requests mostly from Marmara and Central Anatolian regions. And looking at data in city breakdown, we see that highest number of quote requests was received from Istanbul and Ankara.
• 90% of the quotes were requested by individuals while 10% were requested by legal entities/ Satici also indicated that liability insurance purchase rate for consumers who requested quotes via the system in this way has been 32%.
Satici provided information about the results of the "Liability Insurance Premium Comparison" application which has been in use for a long time at SBM and stated that a total of 1 million 250 thousand inquiries have been made until today and that most of these inquiries came from Marmara region.
According to information provided by Satici, the top three cities from where the highest number of inquiries received were İstanbul, Ankara and İzmir.
We've seen no impact on prices yet
Allianz Sigorta General Manager Arif Aytekin reminded that until this application was launched the consumers didn't have the opportunity to access quotes from 32 different companies and choose the best option for them and Aytekin continued as follows:
"Beneficiaries were not able to tap the advantages offered to them by the free quoting environment. With the new system they are given the opportunity to both evaluate different insurance companies and choose the company that offer the best and most economical options to them.
We believe that the beneficiaries now being able to compare all quotes at the same time and decide instantly and being able to benefit more from what the free quoting environment has to offer is a major advantage for them. We haven't seen any positive or negative influence of this application on prices yet.'
It supports competition
Türk Nippon Sigorta General Manager Dr. Baturalp Pamukçu who stated that their company is one of the 5 companies that are the first to implement this application indicated that they provided consumers with a quote in less than half a minute. Pamukcu said "With this application, total number of quote inquiries made reached 100 thousands during the week and 40 thousand range in the weekend. And on Sundays it is around 5 thousand. Beneficiaries or brokers being able to access quotes from all companies simultaneously fueled competition in the sector. I believe that as this application gets more widespread and popular, this would have a positive impact on competition in the insurance industry as well."
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