Google Compare announced in an e-mail to its partners that it would be shutting down its insurance and financial products comparison service tools in the United State and the United Kingdom, as of March 23. The lack of traction in both usage and revenue generation were named as two key reasons. Those were the headlines across the industry this week. So Google Compare is done — for now.
This is big news for the insurance industry that has spent the past year figuring out how to shield itself from the potential impact that the tech giant would make. It turns out it didn't make much of a splash after all. In addition to insurance, Google is backing out of credit cards, banking and mortgage products. In its issued statement, Google is shutting down for now and focusing on "improving the customer experience."
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