Paymentshield wants customer education on Defaqto ratings

Published on

paymentshield

Paymentshield CEO Tim Johnson has argued that customers need educating about Defaqto ratings.

This comes as its new home insurance product has received a five star rating by Defaqto.

According to a recent Paymentshield survey, as many as 81% are not clear on the importance of Defaqto star rating for financial products.

Johnson said: “Defaqto ratings are still not being considered by consumers when choosing insurance, which is a real concern.

“Many people aren’t aware of the differences between home insurance products and that the cheaper option is not always the better option. In light of our product enhancements, we hope to see brokers highlighting to their customers the importance of these ratings when choosing a policy.”

In December, Paymentshield announced a number of changes to its latest home insurance product, with increase in cover for contents, buildings and addition of student belongings cover.

Latest POLL

COMMENT ON MORTGAGE SOUP

We want to hear from you!
Leave a comment and get the conversation started.
You need to register to post, so please login or sign up below.

Latest articles

Square 1 Media announces May Mortgage Market Debate

Square 1 Media is to hold its next Mortgage Market Debate on Wednesday, 21 May,...

Coventry BS maintains status as one of the best workplaces

Coventry Building Society has been named one of Great Place to Work's UK’s Best...

Atom bank breaks Near Prime record

Atom bank has reported another record-breaking month for Near Prime activity. Over the course of...

Berkeley Alexander appoints new BDM

General insurance provider Berkeley Alexander has announced the appointment of Grant Robinson as a...

Other news

Lenders must step up on high LTV products

Things are on the up for borrowers with a smaller deposit. The financial information...

Square 1 Media announces May Mortgage Market Debate

Square 1 Media is to hold its next Mortgage Market Debate on Wednesday, 21 May,...

Coventry BS maintains status as one of the best workplaces

Coventry Building Society has been named one of Great Place to Work's UK’s Best...