And before you comment, the answer is not frozen fish.
When we think about products we naturally assume that the more you pay, the better the function and user experience. This rings true with many items such as phones, laptops, and even food. As a consumer, we rarely delve into the nitty-gritty of the differences between something that is seen as a ‘high’ quality consumer good and something that is seen as a ‘basic’ consumer good. In many cases, the difference is usually marketing and a smarter aesthetical package, rather than a difference in quality. The same theory applies to insurance.
Not all insurance products are created equal. Yes, it’s true. Some products that are rated five-star, make it by the skin of their teeth by adding on ridiculous levels of cover on unnecessary parts of the policy. We compared a three-star and a four-star rated insurance policy available on our platform, with one that was five-star rated with a different provider. The five-star product was offering identical levels of cover to the three and four-star rated product, apart from two places; with a five-star policy, you get £75,000 worth of freezer cover (that’s a lot of fish fingers) and up to £50,000 to cover the replacement of lost keys; now, that must be a very expensive door!
Be sure to take the time to look into what your quotation is covering and what your clients truly need from a policy. Higher stars don’t always mean higher quality.
Here at Source, we have a great tool to help decipher between policies. Apple ratings are our system to rank policies according to the cover that is needed by the client. Our rating system was created for one purpose, to make our products transparent for our clients, making it easier and more efficient to compare and contrast. To understand how our ratings are structured we provide an apple matrix that gives an in-depth look at how we decide where to place each product.
I know what you’re thinking? What does this have to do with Antarctica?
Well, we do know someone who may need such a high freezer cover, Cath Pendleton. She is our one of a kind adventurer from Sennybridge, Wales and she is an Ice Swimmer. To train her body to withstand sub-zero temperatures she has modified a humble freezer that sits at the bottom of the garden in her ‘ice palace’. She sits in it for up to 15 minutes at a time! Cath is currently undergoing an Ice Mile in Antarctica. When she has completed it, she will be the first British woman ever to complete an ice mile in the polar region.
Read more about Cath and why we’re sponsoring her latest adventure…