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Insurance, but not as we know it: Industry 'transformed' by comparison sites

01 September 2008 / by Rachael Stiles
The way people buy insurance has been 'revolutionised' by the dawn of the comparison website, according to

While supports the decision by consumer watchdog Which? to review how well the numerous comparison websites are serving the consumer, it also says that these websites should be recognised for the way they have "transformed" personal insurance purchasing.

James Harrison, CEO of, said of the rise of the comparison site: "Insurers are supportive and are closely involved, and this wasn't always the case. As the pioneering insurance comparison website launched in 1999, we know that this kind of service remains by far the best option for busy consumers and there is no viable alternative."

Mr Harrison is mindful of what a complex beast insurance can be, and that each customer requires different things of it, but, he continues, the consumer can be well-served when they are asked the correct questions and are provided with "a clear picture of what they'll get for their money."

He added that a good comparison site "allows the customer to enter precise insurance needs and a precise profile so that no false assumptions are made before directing them to relevant insurers and to an accurate price with no surprises."

Comparison websites have made it easy for consumers to compare hundreds of quotes from across the market for a number of financial products, including bank accounts, energy suppliers, and mortgages, as well as a wide range of insurance products, such as car insurance, home insurance, travel insurance and life insurance.

They have helped customers to save time by not having to ring around the huge number of insurance companies now on the market; the number of insurance quotes on offer has been boosted by the internet, and by making it easy to shop around, many consumers save money by using comparison sites.

© Fair Investment Company Ltd