MoneySupermarket.com, a British online company which specialises in insurance and money products, have released the world’s first car insurance comparison app which is usable by motorists within the UK. The app which is available to anyone who owns either an android mobile or an iPhone is expected to revolutionise the way that motorists go about purchasing insurance. Many other price comparison websites, including those based in other countries, are expected to launch similar apps in the coming months in order to capitalise on the continuing growth of the app market.
How does the MoneySupermarket app work?
The MoneySupermarket car insurance app has been designed with both ease and speed of use in mind by the award winning digital communications firm MIG (Mobile Interactive Group). MoneySupermarket boasts that motorists will be able to retrieve car insurance quotes in just three clicks, but it should be warned that this will not be possible on the first occasion the app is used as users must first create a MoneySupermarket account if they do not already have one set up. This requires the entry of personal information about the motorist such as their age, the area in which they live and their data of birth; all factors which are pertinent in the calculation of car insurance quotes.
However, the vehicle data entry stage of the process will be equally as fast on each occasion. Users need only enter their vehicle registration plate number and the app will then automatically retrieve the required information from a database which is held byUKmotoring authority the DVLA (Driver and Vehicle Licencing Authority); saving users the time and effort which would be needed in order to enter this information manually.
Can I buy quotes on the go?
Once this information has been entered, the app will then return car insurance deals which are available through over 100 different car insurance companies. This fits in with advice handed out by the ABI (Association of British Insurers), who recommended that motorists compare deals available through multiple different providers so as to be sure that they are getting the most competitive deal.
Each car insurance quote which is retrieved will have two buttons located alongside it. One of these buttons is called ‘click to call’, which allows the user to contact the insurer direct from their mobile phone in order to make further enquiries about elements of the policy of which they may be unsure. The other button located alongside the quotes is called ‘click to purchase’, and this will allow the users to purchase a car insurance policy on the spot, regardless of their location as long as they have a valid means of making the payment (i.e. credit or debit card etc.).
MoneySupermarket spokesperson Julie Fisher commented that she believed that the app would revolutionise the way that motorists go about purchasing car insurance and speculated that other price comparison companies would make an effort to launch similar products in the near future. This certainly appears to be the case, with rumours that anotherUKbased comparison company has their own version of the car insurance app in development.
However, the company is not exclusively committed to insurance; MoneySupermarket compare loans, credit cards as well as many other money products. It is not out of the realms of possibility that the company could launch apps to cover any of these different areas in the near future so as to capitalise on the rising popularity of mobile phone apps.
Although the app is only usable within the UK, you should expect comparison companies in other countries to take inspiration from the app and make a similar product available to their own customers in the very near future. The developing mobile market certainly seems to be facilitating a change in the way that motorists go about acquiring financial products.