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Food for thought
Less Competition resulting from online insurance will limit the consumers’ ability to secure insurance properly for fair price in the future. Without a broker you are trapped without the ability to access other companies fast and efficiently. If the consumer demand shifts towards online insurance will it ultimately lead to monopolistic industry? Will it reduce the power of consumers to shop for a better rate? Will coverages and claim settlements be in less favour of the insured? Lastly how unaffordable can rates become once there is no competition to shop or share the risk?
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