Back to Defaqto’s bumpy ride report (quoted last week) again for this nugget of an insight. Motor insurance is confusing. Has someone had this thought before?
Consumers are apparently bewildered, perplexed, baffled and mystified by a choice of 140 insurers offering more than 200 different policies. But in case you thought comparison sites might be the answer – as some of them purport to be. Defaqto say no! More aggregators, it claims, will make it worse.
Mike Powell, Defunqto’s principal consultant for general insurance, puts this in his own words: “The motor insurance market provides so much choice for the consumer that it can be very confusing when choosing an insurance provider.
“Online comparison and research sites are becoming more popular with confused consumers. But the ever increasing number of aggregator sites could just add to all of the confusion.”
Powell says the best way for consumers cut through the chaos is to focus on the policy features that are important to their own circumstances.
Wouldn’t it be good is someone like Defaqto came along with some kind of consumer-friendly comparison site of their own that helped punters cut through all this confusion by focusing squarely on policy features?