Bought By Many exists to help its members get a better deal from insurance companies. Different people have different demands of, or difficulties with, the insurance market – it’s an industry where a customer’s experience of it can vary greatly due to a small difference in their circumstances.
So, with a little information about our members, we can be much more effective in helping members to get the best from the insurance market – for example directing them to an insurer who is likely to offer a more competitive quote for their profile or negotiating with insurers for better prices.
What information do we collect?
Information you have provided to us directly
While using our website you will be asked to enter information about yourself and / or your insurance needs. For example:
- We may ask you for contact details so that an insurer can call you back to discuss a policy;
- We offer the ability for you to set a reminder when your insurance renewal is due;
This data commonly includes information about you that we consider sensitive – phone numbers, dates of birth, addresses.
Information we record automatically
We also collect data about you automatically. This includes:
- The interactions you have with our website – for example the group(s) you join, the articles you read, how long you spend on them, and the buttons you press to get a quote or share an offer.
- The interactions you have with the sites of the insurers we introduce you to – for example we track whether you go on to complete a quote and buy a policy.
- Data about your internet presence that help us understand your location, service provider, and the device you are browsing on.
- Any customer services enquiries and interactions you have with us.
Information from your social networking account
We allow our members to join with a social profile if they prefer. This makes it easier for them to join our website and access our various offers. By connecting your social profile with your Bought By Many account, you will be providing access to some of the information about you that is stored on that social network. There is further detail on this below in the section on 'How we use this information'.
Information from insurance companies
We also receive information from insurance companies that you click through to, or buy an insurance policy from. By way of example, this information can include:
- Whether you bought a policy or not;
- The information you submitted to the insurer when quoting for or buying the policy;
- The information the insurer supplied to you in the process – e.g. the premiums quoted; and
- Any adjustments you make to the policy during its term, including cancellations.
Information from other sources
How we use this information
We want to transform the insurance industry and improve it for customers - we’d like to make it an easier place to understand what you need, buy what you need, and make use of it when you need it.
We use the information gathered in a large number of ways to help get better outcomes for customers – to illustrate how we do this, we have listed below the ways in which we might use the data collected by us.
Getting the basics right
Online customer reviews indicate that some insurers can be very difficult to deal with – they can be hard to communicate with and misunderstandings happen.
We aim to be different – therefore we may use the personal information we hold about you to help us get the basics right. For example:
- If we hold your Facebook ID we might send you a message on Facebook if your phone number isn’t working.
- Or if we hold your Twitter handle and think you tried to buy a policy and something went wrong, we might tweet you about it.
We aim to use your profile information and your actions on our website to help you in the buying process. We aim to do this in way that helps you without hassling you.
Understanding our members’ needs
We want to improve your experience in getting a good deal on your insurance. Part of this includes helping you identify and manage the insurance products that you need. Examples of how we are using personal information to do this include:
- We allow you to set reminders for your insurance products – we will use this information to determine the right time to get in touch with you with our latest member offers.
- We also use different sets of data – the groups you have joined, your social profile – to match you to groups with insurance offers that you might not be aware of. For example, if you’ve joined our Home Insurance for Horse Riders group, we might drop you a line to tell you about our group for Horse Riding Children that provides an offer on personal accident insurance.
- We may also help you to understand the groups that might be relevant to your own profile. This is similar to shopping on Amazon – when you get there, you might be told “People like you also bought…”. Using your personal information, we aim to do the same, but with insurance products. Our intention is to help you find the offers that are most relevant to you.
We feel that there is too much left for consumers to do in today’s insurance market – for example, you may want to go scuba diving in Thailand. What you really want is Scuba Diving insurance. However the insurance industry still only sells Travel Insurance, expecting you to read reams of documentation to ensure that you are covered for the particular scuba diving you want to do and it expects you to ensure you’ve selected the right destination for your cover.
We want to change that – we want to leave less for the customer to do and cut down on the time it takes to find the insurance that you’re after. Your data will allow us to do so.
Improving how insurers view our members
Insurers have complex policies and mathematical models that dictate the prices that they offer to each individual customer. These models are based on a large amount of personal information (this is why you have to complete so many fields when getting a quote for home insurance for example).
However these models don’t always reflect reality – for example we were contacted by the youngest ever person to pass the Institute of Advanced Motoring’s Master’s Level qualification. Despite a clear signal that the person would be a good driver, he was still quoted a high premium because the insurer didn’t consider the qualification.
We want to use the information we gather to improve how insurers assess the prices and quality of our members, helping them to identify:
- Members who are less likely to claim;
- Members who are fans of an insurer and should be rewarded;
- Members who are more likely to like that insurer’s product; and
- Members who act fraudulently and drive up insurance costs for others.
Anonymised or Aggregated information
We may also use data at an anonymous, aggregated level. That is – we might group data up to help us understand behaviours and patterns without looking at any one individual.
At the simple end this could be working out the average age of the group – this data is not relevant or important to any one member of the group but is useful for us.
At a more complex end, this could be using anonymous browsing data to work out which pages on our site don’t make sense or are hard to use (e.g. looking at the % of visitors to a page who then leave).
How we share information
We are a small firm, focused on our members rather than bureaucracy or unnecessary meetings.
This helps us to create new ways to help you, but it also means that we work closely with insurers and other third parties.
In these cases, we may need to share data with these third parties in order to be able to achieve our aims. Where we are sharing data, we recognise we may hold sensitive and/or personal data so we abide by a number of principles to help protect our members:
- We aim to use anonymised or aggregated data where possible;
- We store and send data securely; and
- We require such third parties to sign legally-binding agreements not to use any information for marketing purposes and not to keep the information themselves.
Your control and security
We want you to be in control of your data. You can log into your Bought By Many account where you have full control over your Bought By Many profile – you can:
- Change your personal information and email address;
- Choose which social networks are linked;
- Update your email preferences; and
- See the groups you are a member of.
You can also email us on email@example.com if you would like to be removed from any groups or close your account completely. Though we hope the service we provide and the offers we are negotiating on your behalf are enough to keep you here!
We want you to feel that you can trust us to work with the data you share with us. If you have any questions or concerns with this policy and your data, or if you have suggestions for us, you can contact us on firstname.lastname@example.org.
The Bought By Many team