Top UK Insurers Agreed Not to Share Policy Prices

Jan. 18, 2011 - PRLog -- Top Insurance groups did an agreement to stop sharing policy pricing data using an Experian tool. The list of seven including Aviva and Axa Insurance UK took the decision after the UK regulator said it could limit competition.
The tool Private Motor, allowed insurers to access the pricing information supplied by competitors to brokers, the Office of Fair Trading (OFT) said in a statement.
“Being able to view competitors pricing strategies could potentially have led to the risk of price co-ordination and putting upward pressure on the premiums” said an Office of Fair Trading spokesman.
OFT executive director Clive Maxwell said the commitments were a proportionate response to its concerns.
The agreement is based on the motor insurance market niche.
But OFT is aware that similar market analysis tools exist in both motor and other insurance markets and it urges companies using them to ensure that they are complying with competition low.
Insurers Ageas Insurance, Liverpool Victoria Friendly Society, RBS Insurance Group, Allianz and Zurich Insurance also committed to the proposals and service providers Experian and SSR.
It is now likely OFT to move its investigations to other forms of insurance.

# # #

Internet Marketing,Online Business.Internet is a place where you can meet people and learn from a-z.It is great to share experience with the others and keep on going and growing..
http://www.getxtraonline.com