Gocompare.com said to have met all the standards called for by Biba.
Biba welcomed Gocompare.com into membership and is calling on other comparison sites to adopt a similar 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.”