New tool assesses insurers based on client reviews

New tool assesses insurers based on client reviews | Insurance Business Canada

New tool assesses insurers based on client reviews

Insurance review website InsurEye has rolled out an online assessment tool that informs consumers about insurance providers’ performance based on customer feedback.

In developing the platform, InsurEye analyzed thousands of reviews collected over a span of nine years and created a tool that highlights the top positive and negative experiences mentioned in customer feedback.

The tool also automatically adjusts based on the most recent reviews, so consumers will know in real-time if an insurer’s performance has improved or dipped.

“It is important to provide Canadians with a concise view of both the key problems and positive testimonials as relates to each company, based on the most recent reviews,” said Alexey Saltykov co-founder of InsurEye. “These are actual consumer experiences other buyers should know about before purchasing a policy. Some issues revealed include long phone wait times, rude contact centre agents, long claim process, claim denials, and disproportionately high renewal rates.”

The assessment tool is free and accessible to all Canadians looking for auto, home, life, disability, critical illness, health, group benefits, and travel insurance reviews. The company said a similar platform for credit card and mortgage reviews will soon be launched.

“In an age of disinformation, having a trusted, reliable online source to inform your decisions about insurance and financial products is vitally important for all Canadians,” said Dmitry Mityagin, co-founder and chief technology officer. “In addition to our new analysis tool, we also spent time revamping our existing platform, making it even more convenient to use across any device.”