Insurance Companies Hate Transparency

I’ll take you back a few years, when booking air plane tickets required going to each carrier’s website and trying to find the best possible deal. You would go from delta.com, to aa.com, usairways, etc. It was a lengthy and horrible process. Thank god for aggregators such as Orbitz and Kayak which have made the process a lot easier. Not everyone loved the idea at first. Why? Because you and I are now able to easily find the lowest rates thus putting a lot of pressure on pricing. Some companies tried to resist. At one point, American Airlines asked to be excluded from Orbitz for example, forcing its customers to go to AA.com to get those prices. The problem of course is that a majority did not take the time so AA had to reverse and asked to be included once again.

The insurance business is unfortunately several years behind which explains why it’s still challenging to shop for insurance online. One company made an attempt to change that, “Leaky”. You can see their website here:

Initially, it was a quote aggregator. When a visitor would search, Leaky would gather quotes from different insurance websites and present the results. The companies did not like that and they acted swiftly, forcing Leaky to stop gathering quotes. It’s unfortunate really for consumers. I guess they prefer for the process of insurance shopping to remain more complex. Leaky is not dead though, far from it.

The New Leaky

What the website now does is gather data from different insurance company filings. Through these, it has been able to get solid estimates of what each company would likely charge and presents that information. It’s not as good but can still prove to be very useful.

Just as a disclaimer, Leaky is not a sponsor, and we are not getting paid in any way to provide this info. I have just been very impressed by the company and love when companies attempt to disrupt inefficient processes. If ever you do end up trying them out, I’d love to hear more about how things end up going.

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