I built a system like that in the late 80’s for a family member in the insurance business. It looked at all the underwriting guidelines for 2 dozen or so companies then compared the deductibles, co pay and coverages. It took those common elements and then allowed the end user to pick what they wanted or drop what they wanted to drop when possible. Then it looked at the basic rating tables and compiled rates and then compared those.
The problem with individual health insurance is that like automobile or home insurance the companies are regulated by the state and the policies are only sold within the state. Which is a good thing for those property and casualty lines of insurance because the physical risks vary by geography, among other things. Health insurance, like life insurance is based on the person. When you can cluster large groups of similar risks you can calculate losses forward with a great deal of accuracy. The simple fix to individual health insurance is to allow companies to sell across state borders. For example, if you have 1,000 registered nurses in a state your pool is much different if you have 100,000 registered nurses across the country in a risk pool. The loss experience is different, etc.
The thing called ObamaCare is not insurance by the way. It works in a fashion like federal flood “
insurance” which is not insurance either. Both take adverse risks (pre-existing conditions) and use monies from good risks to subsidize bad risks. In the case of federal flood “insurance” what Congress did is an even bigger joke because regular income tax payers subsidize the so-called flood insurance. After catastrophes the system which is not based on any real actuary foundation runs out of money and then Congress pushes money blocks from the US Treasury in to the NFIP. This is done through FEMA. The even bigger joke is that since they are using borrowed money (The US is broke) the math is simply retarded if you view it from a real insurance viewpoint. Simply put, a fellow who lives on top of a mountain in the desert pays via his income taxes that go to pay US debt service for flood “insurance” losses a fellow has had who built stupidly on the beach or outside of New Orleans:)
Politicians are unqualified to do most anything in comparison to the capitalistic system that allows companies to compete for providing goods and services. In this case insurance. Dump ObamaCare and allow health insurance companies to issue policies countrywide and the problem is mostly solved.
Unfortunately, most members of Congress and certainly the moron that is president cannot handle simple math and they cannot even come close to grasping the things they pass laws about.
Jeez, I start some fascinating threads ....