Insurancewide addresses the public’s mistrust in the price comparison industry
Insurancewide - along with countless other price comparison firms - are evaluating the industry’s inner workings in the face of public mistrust, to identify and rectify shortcoming, as well as inaccuracies in reports.
Comparison websites such as Insurancewide have long declared their ability to save insurance buyers time and money. But with the recent onslaught of mistrust in the price comparison industry, many - including comparison companies themselves - have started looking to the industry’s inner workings to identify and rectify shortcoming, as well as inaccuracies in reports.
Convenience over price
A recent poll conducted by GfK NOP revealed that out of 500 comparison site users, nearly 80 per cent did not believe they were able to find the cheapest deal using such sites. However, the poll also revealed that an overwhelming 96 per cent of respondents were likely to use comparison sites again, for the sole purpose of convenient comparison. 93 per cent of respondents admitted that convenience and usability were more important to them than price.
Industry analysts agree that comparison sites are predominantly advantageous in their offering of convenience, rather than providing the best deal out there. Suzanne Cox, an IFA with Billingham-based advisers Carterbar, told the Financial Times Adviser: "Price comparison sites are not entirely bad...but these websites cannot be the sole tool you use if you want the best deal.
“They only provide factual information not a comprehensive and personal service, which you cannot get trawling the internet.”
However, James Harrison, CEO of Insurancewide [ http://uk.insurancewide.com ], responded in a different light to scepticism towards the industry, particularly in the realm of insurance comparison. He said in a press conference: “There’s been widespread debate about how accurate and trustworthy comparison websites can be. Many sites make false assumptions about a customer’s profile and so it’s impossible to guide them to exactly the right deal. However, [Insurancewide] have developed the technology to be able to ask only the most relevant questions and to explain why we’re asking them. This means we provide a clear picture of what customers will get for their money.”
“We constantly test our service with insurers [ http://uk.insurancewide.com/insurance/company/ ] to make sure the prices you see are the prices you get. In short, we are here to look after our customers. This includes making sure that insurers never spam customers and or sneak in huge policy excesses.”
Insurancewide - who offer insurance products [ http://uk.insurancewide.com/insurance/product/ ] ranging from car and travel insurance [ http://uk.insurancewide.com/insurance/travel/ ] to pet and motorbike cover - also enables customers to call in for telephone quotes, providing the option for a more personalised service. With regard to panel members and insurers, Harrison said: “At Insurancewide.com we are rigorous about who we accept onto our panel of insurers and brokers and we communicate with all of our panel members constantly. We also test their behaviour towards customers as a matter of principle and we reject those who we find to be spamming customers with emails or providing quotes that exclude high excess charges.”
Insurancewide, also known as Insurancewide.com Services Limited, is an online insurance comparison website offering insurance comparison tools that allow users to search the market and procure the best insurance policies and quotes.
Insurancewide was launched in August 1999 as the first insurance comparison website on the internet. The site also powers tools used on popular website Confused.com.
Insurancewide is FSA regulated.
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