Shares in price comparison companies MoneySuperMarket and Go Compare have dropped after a US firm threatened to disrupt their business models - by using ChatGPT.
The app, developed by Massachusetts-based Insurify, utilises the artificial intelligence tool to help users find the cheapest car insurance quotes.
The development triggered a sell-off in shares in MoneySuperMarket owner Mony Group and Future, the company behind Go Compare.
The Times reports Mony shares closed down 14.5p (8.6%) at 152.8p in London having been down 13% around midday.
Meanwhile Future shares dropped 3%, closing at 443.6p - down 13.75p.
It comes after more than $1trillion was wiped off the value of some of the world's largest technology and software firms last week due to growing concern around the level of AI investment by giants including Amazon, Google, Meta and Microsoft.
Insurify founder Snejina Zacharia said the company is “redefining the insurance shopping experience by making it feel as simple as having a conversation”.
FSTE100
The UK's flagship share index, the FTSE 100, was up 41 points at 10,381 shortly after opening this morning.
Brent crude oil futures were up 0.52% at $69.36 a barrel.
Companies reporting today
- Barratt Redrow* - Half Year Results
- Renishaw - Half Year Results
- Shopify* - Q4 Results