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Portal to help consumers save on insurance premiums

Source: Berita Harian
Author: Atiyyah Mohd Said
Date: 01/07/2011
* English translated version

Berita Harian - 1st July 2011

Singaporeans can now compare the prices of different varieties of insurance products to gain more savings through the first insurance comparison website in Singapore, CompareXpress.

The page was launched last October and allows users to compare motor insurance, personal accident and travel insurance plans offered by six insurance providers - DirectAsia.com, Liberty Insurance, HSBC Insurance, ACE Insurance, 1 Cover and Etiqa Insurance.

In an interview via e-mail, CompareXpress Chief Executive Officer, Mr. Laurent Junique, said the idea of setting up the portal came from rising concerns about the increasing cost of motor premiums that affects many drivers as well as through his own personal experience.

There are 50,000 different ways to price an insurance premium based on various factors such as age, gender, type of vehicle and so on. That makes it difficult for any user to compare various insurers who have a different way of pricing each risk. Hence, an online platform that allows the user to purchase an insurance policy directly in a short time frame is beneficial, not to mention enjoying the savings on premiums of an average of S$300 per policy.

He said the goal of the portal is to empower Singaporeans to manage their insurance needs through an online platform that enables comparison of products in a fair and transparent manner.

"Research shows that the more you make a comparison, an opportunity to earn savings are higher, up more than 20 percent," he said, adding that this is the trend in the United States, United Kingdom and Australia.

"We've seen many users use the portal to compare and examine the information and we expect this trend to continue," he said.

Mr Junique said the response so far is very promising.

The portal traffic has risen by more than 30% since its launch in October 2010, and continues to increase. Mr. Laurent Junique expects the trend to grow in Singapore, saying that a minimum of 10% of motor insurance will be bought online by the end of the year. He expects this figure to increase to 20% in the following year.

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