Negotiation, Negotiation, Negotiation

UK Property Investment news and comments from Mark Harrison of YourPropertyExpert.com

An insurance revolution

Posted by markharrison on May 24, 2007

Back in December, I wrote that I was concentrating on a new role at a technology startup.

Well, the “non-disclosure period” is now over, and MyThingE.com has launched (authorised and regulated by the FSA.)

The principle is simple – we replace searching for quotations with a free-to-use, competitive process that puts you firmly in the driving seat.

Rather than just showing you a few standard quotations from a limited number of insurers, we provide your requirements (but not your personal details) to a range of FSA-approved insurers, and allow them to bid against one another for your business, typically over a week-long auction. By allowing insurers to bid against each other, rather than “quote blind”, we ensure that you get the best pricing (and of course, if it does turn out that your current renewal notice is the cheapest option – then you are under no obligation to go ahead with any of the bids through our system.)

Your insurance data is only available, securely, to approved FSA insurance providers registered with MyThingE.com . but your personal details (name, house number, phone numbers) remain confidential until/unless you accept a bid, at which point we reveal them to your chosen provider only.

We’re launching with three types of insurance:

  • Car insurance
  • Motorhome insurance
  • Property insurance (buildings and contents, including insurance for landlords – not just owner-occupiers or tenants )

(and more coming over the next few months.)
As you might imagine, while the concept is simple, the devil has been in the detail – ensuring that we’re providing all the information that insurers need, while traversing the minefield of regulation and getting our FSA approval has not been a quick or easy task.

However, with new insurers coming on board every day this week, the competition is getting fiercer, and that’s driving down prices.

It’s been a great six months for me – I’m Chief Technology Office (CTO) – the business has managed to blend my IT background, my experience in the financial products that surround property, and the buzz of working with a great team has been fantastic, and stretched my entrepreneurial creativity.

Registration is fast and free – www.mythinge.com for more details.

8 Responses to “An insurance revolution”

  1. anis said

    Hey, you have a great blog here! I’m definitely going to bookmark you!
    i also have a blog for car insurance

    I have a http://car-insurance-hot.blogspot.com.

    [center]Come and check it out if you get time

  2. Good luck with your venture😉

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    Really nice site you have here. Ive been reading for a while but this post made me want to say 2 thumbs up. Keep up the great work.

  4. FredS said

    Great article. Really enjoyed it.

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  6. It’s easy to think that bad things happen to other people and not ourselves, but the facts suggest that isn’t a risk we can afford to take. In the UK, one in three of us will get burgled at some point in our lives yet about a quarter of households are not protected by any form of home insurance.

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  8. You will be hard pressed to a new driver who qualified first buy a motorhome to find. This regulation has an impact on the cost of default insurance. In addition, although most vehicles in the United Kingdom belonging to a recreation very experienced pilots who know to be careful on the road and would not be surprised by most of the situations they face. In short, a boy racer and nervous, nervous drivers are not owners of homes.
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