There is fierce competition in the South African insurance industry for your business. Companies that pioneered the industry like Sanlam and Old Mutual found themselves overtaken by more competitive companies like Outsurance and Hollard in the 90’s, who are in turn are being overtaken by deal driven companies now. All good for the consumer.
Some companies don’t sell insurance, but instead try to help you make sense of the confusion, the so called “insurance aggregators”. Insurance aggregator sites are a type of comparison shopping websites which are a new phenomenon in South Africa, but have been popular in the US and UK for several years. The first generic Internet comparison shopping sites were Jango and RoboShopper in the US, and aggregator sites like MoneySupermarket.com, CompareTheMarket.com and Confused.com in the UK. As Internet use grows in South Africa, Internet based comparison shopping are bound to proliferate and hopefully make life easier and cheaper for the South African consumer.
Insurance aggregator sites promise to save consumers the time and hassle of shopping around for insurance. Users have to enter their details only once to get quotes from many different insurers. Hippo and Insurance Hound are South African examples of insurance aggregators. Hippo is the best know SA insurance aggregator, primarily because of their television ads. Hippo provides insurance quotes from companies that fall under the Budget Group (Telesure in SA) including Dial Direct, 1st for Women Insurance, Budget Insurance and Auto & General Insurance.
The main difference between Hippo and Insurance Hound is the way in which quotes are generated and delivered to the user. Hippo provides the user with an online estimate which is then either confirmed or adjusted by telephone. Insurance Hound is a broker-based system that relies on its brokerage partners to provide the user with quotes via phone, email or in some cases online. There are advantages and disadvantages to both systems, however they both save the consumer time and money.
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