Insurancewide response to BBC Money Programme review of price comparison sites
LONDON, England (December 12, 2008) BBC2’s Money Programme (Price Comparison Sites: Deal or No Deal) was right to expose the shortfalls of irresponsible price comparison websites. Insurance comparison fared better in the programme than loans or energy websites and it’s important to remember despite the programme title that most insurance comparison websites do not focus on price alone; far from it.
Consumers MUST be able to trust insurance comparison websites. It’s the job of a decent aggregator to be on their side, to help them understand exactly what level and type of insurance cover is being recommended and pay only what the sites have quoted them in their initial search for a policy.
As the BBC points out, comparison websites are a growing industry and are here to stay. We have a responsibility to provide accurate and clear information including guides and advice about all types of insurance. That’s surely the only way people can make informed choices.
As the original insurance comparison(http://uk.insurancewide.com/insurance/) website, pioneering the industry since 1999, we see ourselves as the custodians and we’re concerned that some insurance comparison websites are making it difficult for consumers to trust the industry. At Insurancewide we guarantee clarity, honesty and privacy and there are no surprises. We want our customers to trust us; we’re on their side.
We reject insurers who ’spam’ our customers or misuse their information and we reject insurers who do not return accurate prices. And the BBC was wrong about self regulation “fizzling out”: we have been closely involved all year in discussions with regulation bodies about the rules that govern our industry. It’s simply not in our interest to flout guidelines or mislead customers.
The Money Programme was also incorrect in saying that all comparison websites are paid by revenue from ‘click-throughs’. Insurancewide.com(http://uk.insurancewide.com/) only ever receives a fee if its recommendation is taken up by the consumer and the policy is bought.
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