Tomorrow is an important step in the short life of Bought By Many. I’d even go so far as to say that tomorrow is an important step towards a fairer insurance industry. Tomorrow we will launch the first set of our own products, and here’s why this is important.
Bought By Many launched in 2012 with the aim of making the insurance industry more consumer-focused by making it fairer.
We used search and social media insights to build 300 groups for more than 270,000 individuals with niche, insurance needs. We helped thousands of members access fairer insurance than they could not have found on their own – fairer meaning cheaper, better policy terms, or a combination of both.
In building these communities members told us they valued our effort but that there were many other ways in which the insurance industry was letting them down. And they told us loud and clear, they wanted fairer insurance.
Many companies say they listen to their customers but how many are willing to base their business development entirely on this feedback?
We listened to comments from more than 40,000 of our Pet Insurance members and created policies that fix the problems they are frustrated by. We did not add to or tweak existing policies, everything was done from scratch.
By the way, this doesn’t mean we’ll stop partnering with quality insurers who are willing to offer something exclusive for our members, but if we can do better by our members through creating our own offerings we will – we like to think of it as the best of both worlds.
Our members told us that they wanted:
Products that meet consumer needs
We are launching seven new pet insurance offerings.
We heard that consumers were sick and tired of enduring relentless increases in pet insurance premiums so we are launching Fixed For Life, where owners of pets under the age of two can fix premiums for the lifetime of their pet. Their price will never increase, even if they claim or Insurance Premium Tax rises.
We heard that some consumers don’t want an excess, to help them budget, so we’re launching a zero-excess option.
We heard that, for pets that have had a claim for a health problem, owners wanted the option of being able to switch away from their insurer yet retain cover for the existing condition and, as an industry first we are launching such an offering.
And we heard about the frustrations of policyholders who don’t claim and who want real recognition of that – so we’re introducing a MoneyBack policy.
Clear and Simple offering
One of the common complaints we received was about the lack of clarity in policy wordings. I am delighted that our offerings have been awarded the Fairer Finance Clear & Simple Mark – we’re the first insurance company to receive the Mark. To put this in context, our policies contain 6,000 words, which is less than half the number of words in policies provided by the industry’s largest player. Perhaps more importantly, the wordings will be tailored to each policyholder – no more generic wording that might or might not apply.
A simple journey
It isn’t news that the customer experience in insurance is poor. So we’ve worked on this too. We’ve created a cleaner, clearer, easier to follow application process that is joined up - contact us online, on mobile, through live chat or over the phone and you only have to enter your details once.
We know that price is important but it shouldn’t be the sole selection criteria. Price has often been the only way that consumers have had to choose between offerings in the past - the upshot being that policy terms have been shaved back to make policies appear cheap. We have worked hard to create a balance between the affordability and suitability of cover – what we refer to as Fairer Pricing.
Our members hate existing claims processes. We’re also launching Snap Claims – you tell us about the claim, we do the work. End of.
Pet insurance is our first step in launching and revitalising insurance policies, there is plenty more to come.
And we haven’t stopped listening. We want to know what we’ve got right and what needs more attention. I’m sure our members will tell us, especially now they know their voices will be heard and, most importantly, acted on.