Go Compare Insurance – The Future of Price Comparison Websites

 

GoCompare is a website in the United Kingdom that provides comparison information on different financial products. The company’s founder is one of the richest women in the UK, and she’s offering her services to the public through a deal with Future Publishing. GoCompare’s new features include free home excess cover and reward schemes. The website has over four million users, and aims to become the number one insurance comparison site in the UK.
Future Publishing offers to buy comparison website GoCompare

The future of price comparison websites has been re-imagined with a move from Future Publishing to GoCo Group plc. The global platform for specialist media has offered to buy the parent company of insurance comparison website GoCompare, in a deal that could help the company address consumer demand for information and intent-driven content. Future’s plan would also help it improve its own content and platforms, which would allow it to continue to attract new audiences.

Future has agreed to pay PS594m for the insurance comparison site, which is owned by GoCo Group. In return, GoCompare shareholders will receive 33p in cash and 0.05 Future shares. The deal also involves an undisclosed number of job losses. Although the deal has been backed by GoCompare’s 400-strong staff, it will still result in a loss of more than 40 per cent of the company’s workforce. Future has also pledged to keep its head office and site in Newport, South Wales.

While GoCompare is not in the insurance business, it is a media site that has proven successful at extracting money from clients in the financial sector. As one of the most expensive search terms, financial services also generate large advertising budgets. Future sees a huge opportunity in this tie-up, as the insurance industry is one of the biggest spenders and heavy users of advertising. The tie-up between Future and GoCompare makes sense for both companies.

The deal was made possible by Future Publishing’s acquisition of the former IPC magazines empire. The acquisition was announced earlier this week and if successful, it will be worth PS790m. GoCompare’s founder, Hayley Parsons, will step down and the COO John Morrell will take on the day-to-day running of the business. This acquisition will make the company stronger and more profitable in the long run.

The deal will further boost Future’s position in the digital sector. Future has already bought Horse & Hound group and TI Media, formerly known as Time Inc. UK. The deal will increase the number of eyes on GoCo’s content and provide Future with a new revenue stream. Future recently reported that revenues rose by 53% and adjusted operating profit by 79%. Its revenue jumped by PS140 million.
New features include free home excess cover

Free home excess cover has become a popular feature of GoCompare insurance. This policy reimburses you the cost of your excess if your home is damaged by falling trees, water escaping from your roof, or theft. The policy covers your home’s contents in England, Wales, Scotland, Northern Ireland, and the Isle of Man. This new GoCompare feature was awarded to a number of insurance companies.

This feature is part of a new partnership with specialist ancillary insurer Coplus. The free home excess cover allows customers to claim up to PS250 without having to pay it. However, it does not cover accidental damage or loss claims. It applies to totally unexpected claims. To take advantage of free home excess cover, customers must compare and buy their home insurance policy through GoCompare. This policy will refund the excess amount after the claim is settled.
Reward scheme

The Go compare insurance rewards scheme can be valuable for customers when it comes to making the right choice for their needs. The rewards are valid 90 – 120 days from the date of purchase or contract start, depending on the policy type. To qualify for the rewards, you must make a new purchase, click through to a merchant’s website, or complete a quote. The reward is not trackable if you cancel or edit your quote.

In addition to insurance, GoCompare offers comparisons across other sectors including energy and finance. You can even get vouchers by completing surveys and reviews about insurance providers. They will validate your purchase and email you the voucher rewards. They also offer comparisons for utilities, finance, and energy, and are completely free to use. However, if you sign up to their rewards scheme, you will need to have a GoCompare account to take advantage of the scheme.
Company’s founder is one of UK’s wealthiest women

Hayley Parsons is a self-confessed Welsh girl from the Valleys. She is estimated to be worth PS95m. She lives in Rogerstone, Newport, with her husband Mark and two children. The couple met in 2001 while studying at college and married a few years later. Hayley has been a freelance writer since 2008.

Hayley Parsons, the founder of Go Compare Insurance, has sold half her business to car insurance firm esure. The deal will cost esure PS95m, and she plans to step down as chief executive. Hayley is believed to be worth PS100million. The company’s sales last year were PS110million and pre-tax profits of PS25million. In 2010, esure acquired half of GoCompare. The car insurance firm exercised its option to buy a stake in GoCompare in 2007 and acquired the remainder in a PS95million deal.