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(Sharecast News) - Shares in Mony Group, which trades as MoneySuperMarket, tumbled on Tuesday after US online insurance marketplace Insurify launched what it claimed is the insurance industry's first ChatGPT app.
In a statement on Monday, Insurify said the app allows users to browse, research, and compare car insurance directly through the AI platform's new app library.
Founder and chief executive Snejina Zacharia said: "Shopping for car insurance has traditionally been time-consuming, confusing, and frustrating for many drivers.
"With our new ChatGPT app, we're redefining the insurance shopping experience by making it feel as simple as having a conversation. Drivers can ask questions in plain language, explore personalized quotes, and review real customer feedback, all in one place."
At 1105 GMT, Mony shares were down 15.6% at 141.10p amid concerns about the impact of AI, while shares of GoCompare owner Future were off 4.7% at 435.70p. Admiral was also in the red, down 1.9% at 2,744p.
RBC Capital Markets said: "Actionable price-discovery has existed in the UK since the dawn of the price comparison website market, thus Insurify at the headline level represents a change to the US domestic market, not a global phenomenon."
Analyst Ross Broadfoot questioned whether the Insurify news is materially different from the current market structure in the UK, beyond greater AI-enablement.
"Wouldn't those UK players be best placed to layer AI tools and an LLM app on top of their existing propositions versus a new market entrant?," he said.
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