The FCA concluded in its final report today that price walking is widespread in the Home Insurance market and will not be tolerated in the future as it aims to secure “long term fair value for all consumers“.
Heavily discounting new business prices with the deliberate intention of making up that loss in future years, referred to as price walking or sometimes “dual pricing”, is not a practice we have ever taken up and we’re proud to be able to say that.
Simon Taylor, our CEO, has always been resolute that Uinsure operates a stable, transparent and sustainable pricing approach, giving a fair price in every year of the customer’s relationship with us, not just the first. Whilst that has meant we have not always been the cheapest for new business, we always have and always will put the customer at the centre of our business.
In addition to our advisers and key partners being confident that Uinsure’s pricing strategy already reflects fair value for its customers, we must also recognise the significant opportunity that this direction of travel presents for intermediaries to take hold of Home Insurance advice. With over 50% of online insurance sold via aggregators today - advisers can give confidence to these customers that with Uinsure, a fair and transparent price will be provided over the lifetime of the policy.
Uinsure whole-heartedly welcomes the FCA’s final report and supports its conclusions.