Smart Money People, a Newcastle-based start-up focussed on consumer reviews of financial services, has today launched its inaugural Insurance Choice Awards.
The Insurance Choice Awards is a national campaign to take the pulse of customers across General Insurance and Life and Pensions. The campaign spans twenty-six product categories, from caravan insurance to critical illness cover. Consumers, and not a panel of experts, will vote for the award winners.
Mike Fotis, founder and CEO of Smart Money People said: “Our mission at Smart Money People is to increase trust and transparency in financial services, and our Insurance Choice Awards are voted for entirely by consumers themselves. In turn, this helps other consumers to find the best products for them.”
Smart Money People is also behind the British Bank Awards, which announced its results in February 2016. First Direct took home five awards including ‘Best British Bank’ and RBS took home ‘Worst British Bank.’
So far in 2016, customers have told Smart Money People that insurers could be doing a better job. Customers rate the value for money offered by car insurance providers at 61% on Smart Money People. In contrast the value for money offered by payday lenders is rated as 80%. Overall, customers give insurers a 70% satisfaction rating, but banking comes up trumps with an 82% overall satisfaction rating.
A number of North East based insurance companies are nominated to take home an award, including Sunderland-based Just Travel Cover, which is up for ‘Best Travel Insurance Provider’, and Middlesbrough-based Cover Choice which is nominated for ‘Best Online Broker’.
Throughout the course of the twelve week campaign customers will be telling us what makes them smile, and what makes them see red. We’ll find out what customers really think about the way claims are handled, how large insurers stack up when compared to smaller niche firms, or even how the customer perception of value for money in pet insurance changes over time.
Voting will close on the 28th October 2016, and insurance customers can vote for their favourite or least favourite companies by clicking here: https://smartmoneypeople.com/insurance-choice-awards