OK, we missed this one in January, but just in case you missed it too, here’s the latest on Quick Sure Insurance Ltd, a Gibraltar-based insurance company, which was declared in default on Friday 24 January by the Financial Services Compensation Scheme (FSCS).
Quick Sure was an online car insurance provider of a range of motor insurance products in the UK. The FSCS is working closely with Quick Sure’s joint administrators, Grant Jones and James Oton, as well as the Gibraltar Financial Services Commission to understand the impact of the firm going into administration.
Quick Sure ceased writing new business on 31 March 2017 and has no unexpired policies.
Jimmy Barber, Chief Operating Officer at FSCS, said:
“FSCS is working closely with the administrators to make sure that any eligible policyholders are protected. While we do not believe there are any live policies, should anyone need to make a claim they should follow the instructions set out in their Quick Sure documentation.
Quick Sure had a torrid time in business, judging by the customer reviews on TrustPilot, which for all its faults does seem to have a genuine list of irate customers, upset at poor service and most imnportant of all, a failure to settle claims quickly and accurately. As most people in the insurance sector know, claims can make or break your reputation as a business, so Quick Sure’s failure is an object lesson in how to get it wrong.
The other aspect of this is allowing Gibraltar based companies to operate in the UK, whilst shielding details on the directors involved, holding companies or other financial information from the public domain. This is harder to do in the UK if you’re registered at Companies House and as an industry we need to be 100 percent transparent and build trust with customers.