The UK’s £9bn insurance overspend…and what we plan to do about it!

We know that the insurance industry doesn’t always work well for customers, but when you have a world of insurance to tackle, it’s hard to know where to start. So, we went to our users and ran some numbers behind the scenes. Here are the results:

• Around two-thirds (64%) of our users were overpaying for their insurance cover because they were falling into a renewal trap — failing to switch insurance providers when it was time for their renewal.
• Our users were overpaying £70 for every one of their insurance policies, with the highest potential of £170 savings for car insurance.
• One of the highest ranges across premiums for our users were those with mobile phone insurance.

The scale of this problem is pretty shocking, this amounts to people in the UK overpaying by at least £9 billion every year for insurance, just by not switching at renewal time.

Our mission is to stop people falling into the renewal trap and overpaying for insurance. We’re already helping our users do this by making it easy for them to keep track of their policies and premiums, putting them in the driving seat when it comes to renewal.

But we want to make it even easier for our users to save money. So today, we’re really excited to announce Brolly’s first ever money-saving feature. Brolly now takes a look at any Mobile phone insurance cover you already have, and then checks if there is a cheaper option for you at the same cover level. Brolly then guides you through switching your policy in a few taps: you don’t even have to wait until your renewal date!

This is only the beginning. We plan to roll out the same service for Motor, Travel and Home insurance in the coming year.

We’re also learning as we go, so check it out and let us know what you think on our community page or directly in the app!