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 1355 GMT, Mony shares were down 11.8% at 147.46p amid concerns about the impact of AI, while shares of GoCompare owner Future were off 3.2% at 442.80p. Admiral was also in the red, down 1.7% at 2,750p.
The stocks were also hit by news that Spanish insurer Tuio has been given approval to provide home insurance quotes directly inside ChatGPT.
Dan Coatsworth, head of markets at AJ Bell, said: “It is now possible to obtain insurance quotes directly inside ChatGPT, causing investors to panic that AI will eat insurance brokers and financial comparison portals’ lunch.
“This follows a sell-off in January where £1.3 billion was wiped off Admiral’s market value over five days after AI-powered US insurer Lemonade launched cover for fully self-driving vehicles.
“Lemonade’s policy is much cheaper than for a vehicle driven by a human because autonomous vehicles are deemed safer. This triggered a debate about whether the car manufacturer and vehicle software provider would be liable in the event of a motor accident, and whether big commercial car insurers might take business off the likes of insurers like Admiral who mainly serve the public.”
Coatsworth said investors are nervous about the potential scale of disruption from AI and new technology.
“This has become a common theme in 2026 with share price declines recorded across multiple sectors including legal, advertising and accounting,” he said. “We’re seeing knee-jerk reactions from investors as they panic before obtaining all the facts and make rational decisions.”
Last week, Relx, Pearson, Informa and LSEG were among a host of software stocks that tumbled amid concerns about the impact of AI, after US-based Anthropic released an AI-powered productivity tool for companies’ in-house legal teams.
Coatsworth said insurance disruption has been on the cards for a while.
“Getting an insurance quote through ChatGPT makes perfect sense as many people are now using chatbots to obtain information on products and services.
“People just want to get from A to B in as few clicks as possible, and if the starting point for millions of people is now an AI bot, then over time users will expect the likes of ChatGPT to be an all-singing, all-dancing portal for everything they need.
“ChatGPT’s parent OpenAI last year said it would allow users to see prices and reviews more easily and have direct links to buy items. It feels like offering insurance is a natural extension to this service. It’s a natural evolution from using financial comparison portals where you input key details and then see a list of relevant providers and quotes.
“The share price slump in the owners of Moneysupermarket and GoCompare suggests investors are worried their business could be severally damaged if people start to obtain insurance using the likes of ChatGPT.
“It suggests comparison portals will have to quickly find a way to get in on the game, such as embedding their services into ChatGPT and potentially offering bigger incentives to prospective customers as well as getting their brand to appear prominently in search results.”
