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       Both industries are highly regulated
       By: payel Roy Date: August 30, 2023, 3:48 am
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       US at the state level. Both verticals are competitive and
       lucrative. CPCs in mortgage can exceed $40. Like insurance,
       Google tested Advisor in the UK market first. Hoping he could
       serve as my crystal ball for insurance, I asked, “So why did
       Advisor for Mortgage fail?” His response was, “The chief issue
       was that the opportunity cost was unsustainably high. Google
       needed to be as or more efficient than direct marketers who had
       been doing this for years. They underestimated this learning
       curve and ultimately couldn’t sustain the lost revenue as a
       result of click cannibalization.” Google better be sure it has a
       good understanding of the US insurance market before entering,
       or else history will repeat itself, which brings me to.
       My next point They Don’t Yet Have Expertise Let’s quickly review
       some key differences between the UK and US insurance markets:
       Approximately 80% of car insurance is purchased through
       comparison sites in the UK vs under 5% in the US. There is one
       very business-friendly pricing regulatory body in the UK versus
       state-level, sometimes aggressive, regulation in the US. The UK
       is an efficient market for consumers, the US is not. This means
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       margins are tighter for
       UK advertisers, as evidenced by the fact that CPCs in the UK are
       about a third of what they are in the US. As you can see, these
       markets are completely different animals. Despite the seemingly
       low barriers for entry in the UK, Google still felt compelled to
       acquire.
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       BeatThatQuote to better understand the market. Yet, it still
       took them a year and a half post acquisition before they
       launched Advisor. I spoke with an executive at a top-tier UK
       insurance comparison site earlier this week about Google’s
       entry. He mentioned that Google wanted to acquire a UK entity
       primarily for its general knowledge of the market, technology,
       and infrastructure (API integrations). He said, “Given
       [Google’s] objectives, it didn’t make sense for them to acquire
       a top tier site (ie - gocompare, comparethemarket,
       moneysupermarket, confused) so they acquired BeatThatQuote,
       which was unknown to most consumers but had the infrastructure
       in place for Google to test the market effectively.” It’s very
       unlikely BeatThatQuote will be of much use for the US market.
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