Platforms such as Canada’s largest insurance review site, InsurEye, are far from popular among brokers who see their business potentially cut out – so it won’t be good news to many to hear the firm is adding to its portfolio, albeit in different sectors.
InsurEye says its platform educates Canadians and it will now showcase the stories of the best and worst among credit cards and mortgages.
“Our platform has already been offering nearly 3,000 home, auto and life insurance reviews to inform Canadian consumers about the pros and cons of insurance. Now, we want to offer similar independent insights for other financial products,” Alexey Saltykov, co-founder and CEO of InsurEye said.
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“It is important that consumers do not just rely on what flashy advertisements promise. By having access to real consumer experiences, Canadians can make better choices.”
The announcement comes in the midst of a brewing controversy involving Canada’s big five banks following a Toronto Star and CBC investigation which found tellers said they felt pressured to break the law in order to keep their jobs.
It also comes ahead of Friday’s Canadian Mortgage and Housing Corporation’s premium rate hike. InsurEye believes it offers an experience that can help customers restore faith in financial services.
“There are many online platforms that focus on numbers and offer comparisons of mortgage rates, credit card value or insurance quotes, but we add another dimension,” Dmitry Mityagin, co-founder and CTO of InsurEye said.
“We offer qualitative experiences and customer stories. If insurance is cheap but does not pay out claims, or a credit card has a great rewards program but points are difficult to redeem, that completely diminishes the value of the product. That’s where InsurEye comes handy; to ensure that consumers understand the product from a consumer’s perspective.”
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