The aggregator believes Weflip, launched in 2018, has the potential to disrupt markets and “can deliver exceptional growth”
GoCompare Group is hedging its bets on the success of its new automatic switching service Weflip as it seeks alternative revenue streams.
The aggregator believes Weflip, launched in 2018, has the potential to disrupt markets and “can deliver exceptional growth”, it said on the back of its results released today.
Weflip searches for cheaper energy tariffs, which it will then automatically move customers to using meter type, energy use and existing tariff.
Weflip was launched in October after GoCompare bought Energylinx for £10m in cash.
GoCompare said it intends to invest to scale the product this year, with the eventual aim to extend the service beyond energy deals.
Group revenue was up slightly by 2.3% to £152.6m for 2018, while it posted record operating profit of £37.7m, up 14% on FY2017.
In its 2019 prediction, the company said: ”The emergence of new competitors, changes of approach by existing competitors, or a fundamental change in the design and distribution of general insurance products may have a significant impact on market share, revenue and profit.”
To mitigate this, GoCompare said it would continue to invest in other verticles and seek diversified revenue streams, as well as looking at pricing strategy.
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
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