InsurEye Inc. is now live with its new innovative online service for Canadian consumers – Insurance Peer Comparison. This service shows users how their insurance spending compares to their peers. Insurance quotes can vary not just by 20%, but by 200% or more. Knowing what peers pay allows consumers to make informed buying decisions and discover providers with the best prices for their segment. By using the Insurance Peer Comparison buying tool, consumers can become aware of potential savings through aggregated social knowledge. Peer Comparison currently provides data for Auto, Home or Life insurance spending based on a user’s age, location, gender, income and occupation.
The CEO and Co-Founder of InsurEye, Alexey Saltykov says: “According to our latest market research, 3 out of 4 Canadians think that they pay too much for insurance. Peer Comparison shows you if you are overspending, and identifies possible alternatives. There is no comparable service currently available on the market and we are confident that consumers interested in saving money will find it very useful.”
Whenever someone is looking to buy new insurance, the collective knowledge and experience of others will find the most beneficial solution for you.
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How Does It Work?
InsurEye collects, validates and precisely analyzes thousands of insurance experiences from real people. In order to collect initial data, InsurEye worked with the leading market research and consumer data collection company, Research Now. Peer Comparison covers not only spending information for insurance products available online (20%-30% of the total market), but also for the services offered directly by insurance companies, brokers and agents. As you share information about your insurance spending, you get access to collective experience and can identify your potential savings with a few clicks. Using the simple and user-friendly interface, you can learn from others like you, saving you time and money.
InsurEye works independently from banks, insurance companies, and brokers/agents. We show you information received from consumers. If your current insurance is cheaper, that’s great. If not, you can use our tool as a starting point to find a less expensive option, so you can be informed when you speak with your insurance agent.
The current version of the Peer Comparison service is absolutely free and should be seen as a first step towards the detailed analytics for insurance services. We are currently working on a roll-out of premium services, which will provide customized analysis of insurance costs based on each consumer’s individual profile incl. such details as, for example, driving record or house value.
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We are confident that this service will be helpful in educating millions of Canadians by making insurance more transparent, understanding how much it costs, and offering better protection.
Elliott Spagat CIP CRM CPD RIB
December 15, 2011 at 11:26 amI think this website is a good idea, however just asking people what they are paying for their insurance is a very simplistic approach to a complex product.
As an insurance broker, I know that I don’t alway offer the cheapest price, but I do offer the best product and value for premium dollar.
Taking a broad brush and saying that men pay more for insurance than woman doesn’t show the underlying issues. You can use the same data and say that men are taller than women, men have more facial hair than women, etc. Without looking at what drives the premium the statistics don’t say anything. You have to compare case by case. If you have twin siblings (over the age of 25) one male, one female living in the same house, same driving record, driving the exact same year make and model of car the exact same distance to work then their premiums will be exactly the same.
I’m paying about 30% more than my wife but then again my car would cost more to fix in the case of an accident and as a sales-person I drive a lot more than her. Based on that I would expect to pay more.
Even looking at neighbours is not a good approach, insurance companies split cities into territories that can have significant differences in insurance. For example, the Bathurst/St. Clair area of Toronto. Someone living in an apartment on the west side of Bathurst is likely paying 50% more for their auto insurance than their neighbour living directly across the street on the east side of the street; that little yellow line defines separate postal codes and rating territories.
As a broker (specializing in business insurance) I’m not looking for clients who are only looking at price because I know that next year I will lose the account when another broker comes in a couple bucks cheaper (I’ve lost accounts for as little as $5/year). I’m looking for clients who are willing to pay a bit more to have the proper coverage so that in the event of a claim their business can go on and they won’t lose everything they’ve worked so hard to build.
alexey.saltykov
December 15, 2011 at 12:26 pm@ELLIOTT:
Many thanks for your comment! These are really great points and we are absolutely agree that insurance premiums, in fact, depend from multiple drivers.
The current version of InsurEye Peer Comparison was our first release and the next version includes much broader set of criteria and cost drivers. We worked together with brokers to determine key drivers for each insurance product. So please stay tuned, the next release will be live very soon!
Our main objective is to provide consumers with another independent perspective on insurance products and premiums – since our data comes from consumers themselves and is unbiased! It is also channel-independent and covers all the products, sold through agents, brokers, online, call centers, or in branches.
InsurEye team
Ariel
January 24, 2012 at 6:26 pmThank you for the information about InsurEye. I have been looking for a good way to compare insurance agency prices and this seems like the best way. I will be looking into using it.
InsurEye Team
January 31, 2012 at 11:26 am@ ARIEL:
Many thanks for your feedback – our team is very happy to hear that!
You might want to subscribe to our newsletter or to one of our tools (it’s free and includes newsletter subscription as well) in order to get our updates and news – we are planning to introduce many exciting things this year!
InsurEye Team
Habib
June 7, 2012 at 4:25 pmAwesome!!! What a comparative post from INSUREYE. It helps any one to compare between insurance companies. Lot of thanks dude.