Mony Group tanks on AI app fears

(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 0900 GMT, Mony shares were down 14.5% at 143p amid concerns about the impact of AI. Admiral was also in the red, down 2.2% at 2,734p.