Ever wondered what an insurance company knows about you when it makes its decisions? Well you can’t, as the Claims and Underwriting Exchange (CUE) database isn’t available to us consumers. So rightly, the insurance industry is being called on to provide a service similar to credit ratings, which would simplify the process of switching or renewing insurance.
Well, Comparethemarket.com is calling on the Government for better consumer access and transparency around insurance data. It’s done a bit of research and found:
- 20% of Brits feel that insurance companies purposely make it hard for them to access data that may be held in relation to their claims history
- 18% of UK consumers are put off from switching or renewing insurance as accessing claims history is seen as too long and difficult
- 44% of those who have made a claim rely on memory and old documents when it comes to filling in insurance claims history
I don’t know about you (well, actually I do – 44% you agree with me!), but the idea of switching or renewing insurance seems like a real faff. I’m not the most organised of people, so the idea of going through my paper draw (we all have one right?), is about as preferable as a root canal. So if you could have access to this, online – that would make life SO much easier.
Jo Swinson, former Consumer Affairs Minister and Vice Chair of the Institute of Inertia, said: “Our research shows many people are put off shopping for a new insurance policy because they think it will be a hassle – and many are paying hundreds of pounds over the odds as a result. Consumers should be able to easily access information about their own claims history – for free, and in a few clicks of a mouse. The Government should work with industry to make this happen, including if necessary using their power to compel companies to do it.”
What do you think? Should insurance companies be more open? Do you switch insurance companies or renew often? Let me know in the comments.