In order to ensure transparency and consumer protection, the insurance supervisory authority IVASS has proposed an analysis of the sites that compare the prices of insurance policies. The authority, chaired by the general manager of Bankitalia Salvatore Rossi, has summoned the main brokers who manage the comparison sites and the companies interested in participating in the comparison.
According to what was declared by the secretary general Corrado Baldinelli, IVASS's objective will be to define "a best practice to be followed to guarantee the full protection of consumers who use these comparison tools." Tool, that of comparison sites, used more and more frequently by Italian policyholders to get information.
Although market research shows that purchases of policies via the Internet are growing slowly and Italy still has a long way to go to reach countries like England where direct companies have come to dominate collection, these sites continue to proliferate. There are several on the market, including segugio.it (the Mutuionline group), 6sicuro.it (founded by Assiteca and now led by the majority shareholder Edoardo Loewenthal) and facile.it.
Eiopa, which brings together the IVASS of Europe, following a survey on the phenomenon of comparative sites, published in January a report on "good practices to follow" in order to promote transparency and fairness. To minimize conflicts of interest, EIOPA suggested disclosing the comparison site's ties to insurance partners, which could influence the outcome of the comparison and the claims site. It was also asked to disclose the criteria with which the partner companies have been chosen, the number and their market share, as well as the number and types of products compared.
In the meantime, the publication of the regulation that Ivass must issue in implementation of the Sviluppo Bis decree to introduce simplification measures for bureaucratic procedures is expected shortly. The regulation could be a good incentive for the growth of web policies.
