Gocompare.com say consumers are unlikely to be quoted happy by Norwich Union
Gocompare.com’s Chief Executive, Hayley Parsons says “In the main, consumers won’t be disadvantaged by Norwich Union’s withdrawal from comparison sites. The reality is they have struggled to keep their premiums competitive and, unfortunately for them, there’s now nowhere to hide for their existing products.
While we respect their decision, we would urge consumers to be extremely wary of their new price checking service, launched this week. This is not a comparison service and I hope consumers aren’t drawn in by suggestions that it compares anything of much value at all.
When you visit sites such as Gocompare.com you get a full comparison of actual quotes from over 80 insurance brands. With Norwich Union, they are offering quick quotes which are estimates based on premiums that are two months out of date. These premiums bear little reflection to the actual quote that you will see once you have completed the full quote process.
When you eventually get a genuine quote for a Norwich Union policy you are given the opportunity to compare it against three insurance companies, out of a possible list of nine. This list gives the consumer no indication which of these companies are the best three to compare against, or even if the nine choices they are presented with give them any hope of finding a cheaper quote.
The whole service is confusing, misleading and represents a big step backwards for the insurance industry. Consumers who are familiar with using true comparison sites will find it very unhelpful. Our advice to anyone looking to compare car insurance is to use a real comparison service.
Personally, I hope Norwich Union makes a speedy return to comparison sites with some updated and competitive products.”
November 2nd, 2008 at 7:20 am
The financial crisis is spreading to all the sectors and the ultimate results will be available by the end of 2009. Anyway the crisis is very crusial to all western markets since its a prestigeous counter movement from these governments and it should show some good results by the mid of next year atleast. But in terms of asian countries, it is a good opportunity to find alternative solutions and reconfirm their best practices followed over the past years. Some of the basic causes of financial crisis is, bad credit loans processed by the financial institutions to the customers and third parties. But in case of growing markets, most of the banks are assuring the creditworthiness of their clients twice since most of the clients are not high profile clients. Hence this didn’t make much impact on their financial systems and processed loan payment shedules.
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