Eighty per cent of comparison sites adopting good practice
ABI good practice guidance for buying and comparing general insurance products has been adopted by websites accounting for 80% of the online price comparison market.
The ABI said the take-up of the guidance, which was launched at the beginning of this year, by the price comparison sites had made it easier and clearer for consumers to compare and buy general insurance products online. The guidance was developed by the ABI with leading insurance comparison websites, Biba and Which?
The first review of the implementation of the guidance highlights that all participating comparison websites are
- Clearly displaying the total excess payable and explaining the difference between any voluntary and compulsory excess.
- Highlighting any additional add-ons that are part of the premium quoted to the customer.
- Making customers fully aware of the consequences of knowingly entering inaccurate information.
- Informing customers how long their quotes are valid for and allowing them to review their information before they buy a policy.
ABI Director of General Insurance and Health Nick Starling said: “We are working with participating comparison websites, insurers and intermediaries on areas where further improvements can be made, to ensure that the customer gets the best possible experience when arranging insurance online.”