New research from financial comparison Web site ThinkMoney has revealed that Outsurance and Santam were the two most popular short-term insurers among ThinkMoney users. From over 1 500 short-term insurance reviews on the site, Outsurance and Santam were the most popular (in terms of number of reviews) and also received high average ratings from consumers.
ThinkMoney users rate short-term insurance providers out of 5 according to the following criteria: service, premiums, claims process, excess and flexibility.
Santam scored an impressive 4 out of 5 as an average rating, while Outsurance scored 3.9. Both scored particularly highly in the service category, with 4 out of 5 each. Santam's claim process received high praise, scoring 4 out of 5, while Outsurance scored 3.8 out of 5 for its claims process.
Other insurers that received high average ratings include Alexander Forbes and Aon, although these ratings were not based on a very high number of reviews. Insurers that did receive a large number of reviews included those under the Telesure brand (including Budget and Auto & General) and Hollard, indicating that these brands are popular choices among ThinkMoney users.
Interestingly, consumers generally rated all insurers lower on flexibility and excess than they did on service and their various claims processes. This was supported by findings run through a poll on the Web site, where flexibility and excess were rated as two of the “most annoying” aspects of short-term insurance. The poll also revealed that consumers were unhappy about their high premiums.
ThinkMoney CEO Gareth Mountain commented on the above: “Insurers spend large amounts on advertising, in order to try and convince people to switch insurance providers. Our Web site is unique in that consumers are able to view what other South Africans think of service levels offered by these insurers, and this empowers them to make better buying decisions.”