Customers are missing out because major insurers refuse to participate in comparison websites, according to online comparator iSelect.

CEO Scott Wilson told the company’s AGM there are strong media and political calls to increase competition and transparency in car and home insurance.

“We call on all general insurance industry participants to open up availability of their products to digitally enabled brokers like iSelect in the interest of consumers,” he said.

“It is our belief that doing so will avoid unnecessary government intervention in the general insurance market, by providing transparency, innovation and most importantly helping customers find the right product that best suits their needs.”

He says insurance policies are complex financial products that need explanation and advice, and customers relying on price-only aggregator sites may not get the right level of cover.

“At iSelect we strongly believe that it is important for customers to look at the total cost and value when purchasing any insurance product and not just on the ‘sticker price’ at the time of purchase.”

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