Former Australian Competition and Consumer Commission (ACCC) chairman Allan Fels has urged the Federal Government to set up an independent insurance comparison website.
Fels said in a recent report that there was a need for an independent site as the insurance industry reaches $16 billion-a-year in home and car insurance markets.
“It’s obvious that a customer who is interested enough to go to a website to compare prices will be a motivated, perceptive person who will also look at relevant premium and quality differences.”
Fels, who chaired the ACCC from 1995 to 2003, shunned claims by insurers who believe the site will lead to policy features being removed or modified.
As part of his role as NSW’s emergency services levy insurance monitor, Fels appeared in front of a Senate inquiry this week to advocate for the establishment of his proposed website.
The government has set up websites similar to this before, with it currently operating a comparison site for health insurance that shows 'highest-rated' policies first.