Introducing a true comparison service for professional financial intermediaries and their clients
(PRWEB UK) 27 September 2012
Following FSA authorisation and successful launch of the What Insure intermediary platforms in January 2011, What Group are extremely proud to announce the launch of What Compare, a highly innovative and brand new service for financial intermediaries to offer their clients that provides true product comparisons across general insurance, leisure and lifestyle products – everything from Buildings and Contents insurance to Motor Breakdown cover.
The development of What Compare was driven by three concurrent factors. First, the impending impact of RDR and the need for advisers to seek out and provide, greater value within their client portfolios. Second, the increasingly aggressive activity of existing price comparison websites (PCWs) encroaching into adviser’s traditional client service areas. Third, the output of the 2010 FSA Thematic Review of the price comparison websites, which highlighted concerns with customer eligibility and the transparency of their business models.
It was clear that advisers needed to combat the PCWs and clients needed a more transparent and client friendly service that provided them with trusted brands in a clear and true comparison model. What Compare is the first product comparison website designed specifically for professional advisers to provide to their clients, providing a true comparison service designed to be driven by individual client’s needs, not just price.
After an extensive period of development and following a successful pilot with a small number of financial advisers and their clients What Compare is now available to all professional financial intermediaries.
Neil Harkin commented ‘’Whilst What Insure was designed to be used by advisers already actively offering advised general insurance services to their clients, What Compare is designed for those many advisers who perhaps haven’t engaged in general insurance previously but who are aware of the opportunity and the added value of providing this service to their clients. What Compare is an introduced only, non-advised, passive and recurring income solution for those advisers who want to broaden their offer to clients with minimal administration. This then provides them with more time to focus on the really important aspects of service provision.”
Harkin added, “Furthermore, advisers are having to critically assess their services and decide on an advised or non-advised approach for their clients, whilst continuing to add greater value to those relationships. Therefore What Compare is a great added value service to offer, particularly following a client segmentation exercise. Additionally, as an introduced only service, the client transacts in their own capacity.”
What Compare offers advisers a simple and low cost opportunity to earn passive revenue as well as offering real tangible value to clients. Advisers receive an introductory fee for every product and service their clients purchase from the site at new business and renewal for the lifetime of the product.
Using the findings and recommendations of the 2010 FSA Thematic Review, the design of the What Compare site and in particular the customer journey, has been critical to creating a genuinely transparent and TCF environment. This not only delivers a rich source of generic product information and help text that empowers the client to select and build the right product and cover for their individual circumstances, but also offers products from market leading providers.
Gregg Taylor, ‘’Given the increasing amount of direct marketing activity driven by the current comparison websites now attacking the wider FS market, the need for financial intermediaries to offer this functionality and TCF service to their clients is ever more pressing, which is why we believe that the launch of What Compare is perfectly timed. What Compare has a very clear no cross sell agreement with product providers protecting the intermediary client relationship.’’
26th September 2012
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