Significant market opportunity is driving our investments
People everywhere are overpaying.
We are targeting this huge opportunity to help people buy smarter and better, giving consumers confidence in their financial products and ultimately saving them money, making it easy, fast and worry-free.
of Britain’s 28 million households have either never or only once switched energy tariff.
Total market opportunity
of consumers surveyed agreed with the statement ‘switching is a hassle I’ve not got time for’.
Long-term underlying fundamentals remain positive
There is of course a strong correlation between the number of private motor vehicles on the road, and number of insurance policies. In 2018 the number of licenced vehicles in the UK continued to grow, with the Department for Transport’s latest figures (released 12th April 2018) showing there were 28,664,500 privately registered vehicles in the UK. This is the highest since records began in 1994, and an increase of 338,000 (+1.2%) on the previous year. Driving and car ownership is still very much part of the UK consumer’s lifestyle and we believe this will continue.
Regulatory developments keep pricing in the spotlight and help support comparison websites
In 2018 the Competition and Markets Authority (CMA), motivated by a super-complaint lodged earlier in the year by the Citizens Advice Bureau (CAB), launched an investigation into the so-called ‘loyalty-penalty’. This focuses on dual-pricing in insurance as well as some other financial and utilities services, which often sees loyal customers’ prices increase, while attractive ‘teaser’ rates are given to new customers for ostensibly the same products.
Similarly, the Financial Conduct Authority (FCA), in April of 2018, issued a warning after several insurers were found not to be properly implementing its general insurance renewal rules. These rules, including a requirement to show last year’s premium as well as the proposed renewal price, were designed to make renewal documents easier to understand and encourage action – specifically, shopping around.
These actions all help increase awareness of the potential savings from switching.