Moneysupermarket set to launch insurance app this week

Confused has joined Moneysupermarket by developing a smartphone app that will let consumers buy insurance from their mobile phones, Insurance Times understands.

Software house CDL is developing the app for Confused, Insurance Times understands.

If the apps take off they could herald a new era of insurers using smartphones to rake in millions in extra premium.

Moneysupermarket is set to launch an iPhone app next week that lets drivers buy and renew car insurance.

The aggregator is waiting for Apple to officially approve the app.

It is the first of its type in the UK, according to a Moneysupermarket spokesman.

All the motor policies and insurers currently on Moneysupermarket will be available through the app.

Moneysupermarket wants to expand the app beyond motor into other lines, a spokesman said.

“It’s going to help our consumers get car insurance any time, anywhere,” the spokesman said.

The app would be free and available through the iTunes store.

One benefit for an aggregator selling insurance through a smartphone app is improved retention.

Drivers buying motor insurance online commonly switch between aggregators and insurers at renewal, but consumers are unlikely to want to download several different apps for each aggregator for a purchase generally made once a year.

The aggregator is waiting for Apple to officially approve the app.

CDL have not commented. Confused would not comment but would not deny the story.