Some news snippets we rounded up at IE, so you don’t have to trawl Google for what you need to know;
DIRECT LINE INVITES COMPARISON
The former telephone insurance specialist – yes people used to phone a call centre to buy cover in the 1990s before the world wide web was invented here in Britain – has now joined price comparison sites in the UK. At the same time DLG is leaving the pet and travel sectors, which is interesting as you would expect those products might sell nicely via comparison sites with the right marketing push.
Some brands prefer to stay off comparison sites, one of which is blip. Gary Ross, CEO & Founder of blip says;
“Comparison sites have their use, but they come at a cost and people need to be aware of this. Meerkats cost money and someone must pay. We deal directly with our customers, avoid paying the middlemen, and share our profits with our policy holders.”
Gary continues; “Insurance premiums are made up of claims, acquisition fees and a profit load. Claims can be unpredictable and ‘blips’ happen. Reducing these costs in the value chain not only gives a lower upfront premium for the policy holder, but also means more money is available for paying claims.”
AVIVA AND LLOYDS BACK UK WEALTH FUND IDEA
The sovereign wealth fund concept has worked well for oil-rich nations like Saudi Arabia and Norway. However as Labour closes down our UK oil and gas industry it might not work so well here. Nevertheless Aviva and Lloyd’s of London have decided to put cash into the new wealth fund, which will be spent by government departments on whatever they think is a smart investment. Yahoo news reports the insurance sector is putting unspecified amounts into the new fund, which might be spent on more electric cars and a nuclear power station or two.
JOB TITLE WARING FROM MARTIN LEWIS
The consumer expert has long been known for offering advice on how consumers can save cash on car cover by changing their occupation status. But left wing site Politics Joe has highlighted recent comments by Lewis on overstepping the mark. Ask yourself what would a reasonable person think was your job title, says Lewis, to avoid losing your insurance cover, or being added to a potential fraud database.
Wise words indeed.
DRIVER CAUGHT AFTER USING ANOTHER PERSON’S ID
The amount of distress and problems caused by someone using your ID details is highlighted in a report by Mail Online, regarding the eventual conviction of a woman who pretended to be someone else.
Juiliann Quilligan gave another woman’s details when stopped by the Police in Warrington, whilst driving an L200 pick-up. The victim received 8 points for driving without insurance, presumably via the single justice procedure with no court appearance, and only found out when she tried to renew her own legitimate vehicle policy.
Quilligan knew the victim socially and so gave convincing details at the time of the traffic stop. The victim, Rebecca Williams, lost out on work due to the wrongful conviction, plus had to fight parking tickets issued incorrectly in her name.
The case shows how important various ID checks are when insurers are dealing with customers for first quotes, or renewals. It also shows that the Police and Justice system need to do a better job of checking ID rather than taking someone’s word at the roadside, before launching prosecutions and convicting people by post or email.
SOMPO ORDERED TO HAND OVER INFO
Nippon.com reports that Sompo has been ordered to hand over details on alleged cases where employees shared company info, whilst on loan to other insurance brands. About 2700 separate pieces of info were allegedly shared to Sompo from Total Insurance Service and 1500 files on property from Hoei Co, according to local reports.
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