iSelect vs Compare the Market
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| Which comparison site is better, iSelect or Compare the Market? Discuss it below! |
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iSelect vs Compare the Market
Insurance policies are seemingly a must these days. We know anything can happen. But even with this knowledge, we can still be unprepared sometimes.
When getting health insurance, it is important to do your homework.
It is a good thing that numerous health insurance companies with a multitude of different policies and options have been sprouting for years, giving us the comfort that we could be covered when we need it the most. Still, it can get very confusing to select the right policy for you and your family.
Although basic and extras cover policies are generally have similarities, each company and policy will have their own specific limits, conditions and rules that may or may not be advantageous for you, depending on your situation.
Fortunately, there are comparison sites to go to for a quick and comprehensive reference. Today, we look at two of them, iSelect and Compare the Market.
Background and Services
In Australia, both iSelect and Compare the Market are online platforms that allow users to compare a multitude of insurance products. Both have partnered with a range of insurance providers to allow the comparisons to occur on their sites.
iSelect has two other key brands under it: InfoChoice and Energy Watch. Overall, the company’s services include comparing insurance policies that focus on health, car, life, home and contents insurance, home loans, electricity, gas, broadband and home and contents.
Operated by Compare the Market Pty Ltd, Compare the Market prides itself on its international network. This is because they are part of an international group that has expertise in the industry called the Big Holdings Limited (BHL) Group. Compare the Market was first launched in the United Kingdom, and it went on to be launched in Australia fairly recently. The successful quirky marketing campaign involving a loveable meerkat has helped raise its popularity around the world.
Compare the Market allows users to compare insurance providers in the following fields: health, car, life, home, money, travel and energy.
Comparing iSelect and Compare the Market
How do you compare and analyse two comparison platforms?
Well, three things are important to take note of: the services provided, impartiality and transparency. These are main concerns, especially if end users want a more accurate representation of insurance providers for better decision making.
Services Provided
While user friendly and often simple to use, the reality is that both iSelect and Compare the Market earn money through commission fees from sales of the insurance packages. They also do not compare the whole market and have been accused of being misleading when it comes to how much of the market they compare.
Although both have comprehensive platforms, there are differences in the services being offered by the two. For instance, Compare the Market offers comparisons for travel insurance providers, which iSelect lacks. However, iSelect offers comparisons for broadband insurance providers, while Compare the Market does not.
Impartiality
In terms of impartiality, iSelect actually has its own health insurance called Surepath. This however, is not included in the list of service providers on the website, which seems to not affect the impartiality of iSelect. What affects it though is the fact that some of car insurance brands and policies are in iSelect’s co-ownership.
Compare the Market may have the same case, too. Out of nine car insurance providers in the platform, six are owned by the sister company of Compare the Market, which is Auto and General Insurance. In addition, two other brands this time, under the travel insurance category — are also under the same sister company, and all these brands can be compared in Compare the Market’s platform.
In terms of transparency, iSelect already puts it out there on the website that they may charge a fee from insurance providers. If an insurance provider wants to appear on the platform, it might be charged a one time fee or a recurring fee.
iSelect is also makes sure that commissions will not be a factor in recommending insurance providers by separating the website and call centre from fees.
Compare the Market, on the other hand, already tells visitors that it generates income by earning a fee from each insurance purchased, as long as the purchase was made through the site. It also discloses the fact that when users decide to choose Auto and General Insurance brands, the Auto and General Insurance organisation still earns a fee from it.
Which do you prefer?
Both are similar, neither is perfect but if used appropriately, they can be very useful. Don’t forget about PrivateHealth.gov.au either.
Do you think iSelect or Compare the Market is better? Which one would you recommend?
Leave a comment and your experience below.