Swinton insurance fined over mis-selling insurance add ons in UK

Insurance is a good mode to get good returns, but it can also be very burdensome if not acquired from the right insurer

09:15 20 July 2013

Swinton, a large insurance company, was fined £7.4million because of its failure to notify its insurance holders that the policies, which earned a total £93million profits, was not compulsory.

Based on reports, the company set aside £11million to refund customers just after the City Regulator discovered that it wrongly sold insurance policies over a period of 2 years.

There may be other insurance companies who prioritize profits over giving what’s best for their customers. Spotting a good insurance company is quite a challenge. Specific areas must be examined first.

Here are the areas to scrutinize before covering an insurance policy with any insurer:

• Company Profile – The most important thing to evaluate is a company’s profile. It is here where info about the size of the company, the number of years it has served its customers, its current financial status etc. could be found. If a company’s profile is great overall, then there is no reason not to get insurance from the same.

 

• Customer reviews - Another important thing to look into is the satisfaction of a company’s insurance holders. A great source of this info would be from the websites which compare insurance policies and other schemes from different insurers. It is here where concerns and complaints about anonymous people get viral. Just make sure that the website you research is a reputable one.

 

• Top List - Aside from the above, the list of top insurance companies in the country would also matter. If a company is included in that list, it means that more people are satisfied with the services of that company. Just a reminder, don’t look for this list in the web because most, if not all, are inaccurate. The best source of this info is from official government agencies that regulate insurance companies.

Keep your options open and have a methodical approach to choosing the right company.