BIBA calls for all comparison sites to follow the Gocompare.com model as comparison site welcomed into BIBA membership
The British Insurance Brokers’ Association (BIBA) has today welcomed Gocompare.com into membership and is calling on other comparison sites to adopt the Gocompare.com model.
After reviewing Gocompare.com’s practices BIBA believes that its philosophy of comparing insurance products on their suitability to individuals’ requirements as well as price is aligned with BIBA’s calls for price comparison websites to provide clear and fair information and to ensure they do not mislead consumers.
Since launching in 2006, Gocompare.com has demonstrated best practice and meets all the standards called for by BIBA for comparison websites with:
- guaranteed premiums
- the use of facts and not assumptions as the basis for quotations
- explanations of what the policy does and does not cover
- the differences between each insurance policy made clearly visible
Commenting on the decision to welcome Gocompare.com as a BIBA member, Eric Galbraith, BIBA Chief Executive, said: “We are delighted to welcome Gocompare.com as a member of BIBA. Gocompare.com is leading the comparison sites by helping consumers receive clearer information on the policies they are purchasing, and how they meet their needs.
“Comparison website technology has moved ahead of existing regulations, resulting in potential detriment to consumers. We have welcomed the FSA’s recent review into this area, and it is now incumbent on all comparison sites to review their practices and ensure they are delivering the highest standards.”
Hayley Parsons, Chief Executive of Gocompare.com, said: “We are delighted to join BIBA membership. Brokers are key to the success of comparison sites and vice versa. Working with BIBA is one way that we can help protect brokers’ interests and in turn, ensure we continue to provide the best service for customers. I think it is important that comparison sites work with the bodies helping to shape our industry. I look forward to working closely with BIBA on all issues affecting the insurance market, including comparison technology.”
Notes to Editors:
For further information please contact Leighann Burtrand on 020 7397 0223 or 07917 738727
2. Gocompare.com has become an Associate Member of BIBA.
3. About BIBA
BIBA is the UK's leading broker and intermediary organisation, representing professional insurance brokers and intermediaries.
BIBA is committed to playing a central role in the industry, from providing business backing and training for British brokers through to high-level industry representation. We also actively participate in helping the industry and its customers deal with some of the major insurance issues of the day.
BIBA members operate to a very high standard of customer service with the aim of ensuring peace of mind, security, financial protection and the professional advice required.
Authoritative, independent and impartial, BIBA, a not for profit organisation, is uniquely relied upon by brokers and the consumer.
To find your nearest BIBA broker visit the ‘Find A Broker’ section of the BIBA website, www.biba.org.uk.
4. Price Comparison sites
BIBA welcomes comparison technology and believes that by working closely with such sites it can help to improve service to both consumers and insurance brokers who use the websites.
The recent FSA review of insurance comparison sites was launched following research, commissioned by BIBA, which showed potential for serious consumer detriment across insurance comparison websites. In particular, the research showed that 84% of insurance buyers said that the details of insurance policies offered via price comparison websites can be confusing.
BIBA has welcomed this review and has called on the regulator to ensure that consumers using this technology are provided with clear, fair and not misleading information.
However, BIBA also believes that the FSA must go further. In particular, like brokers, comparison sites should guarantee their quotes.
Calling a broker is the simplest way for consumers to get this advice, ensuring they get the right cover at the right price.BIBA’s response to the FSA review can be accessed online here: http://www.biba.org.uk/MediaCenterContentDetails.aspx?ContentID=967