Google Inc. recently announced that it will launch a site that compares car insurance rates in the United Kingdom.
The Mountain View, Calif.-based search engine giant said it will provide quotes from nearly 120 car insurers.
In a company statement from John Paleomylites, a product director at Google, said “We want to help users find the best car insurance in the fairest and most honest way possible while also respecting their privacy. The less time people spend shopping around and worrying about insurance, the more time they can spend enjoying their car.”
Some see the move as Google's latest effort to expand into the financial services arena.
Andreas Pouros, chief operating officer at Greenlight, a London-based direct marketing agency, said while the new car insurance comparison site doesn't come as a surprise, it may rattle the competition.
“Google itself will have to convince consumers and the car insurance providers themselves, why its comparison site should be their preferred parking spot,” Pouros said in a press statement.
After Google's announcement earlier this week, visibility for car insurance-related searches in sponsored results went from 0% to 75% overnight, according to Greenlight.
Pouros said existing car insurance price comparison sites are likely concerned by Google's entry into this space for various reasons.
“Not only do they now have to compete with a credible new entrant, this particular one has some unique advantages, the main being that it can immediately gain visibility through search engine results pages it controls,” Pouros said.
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