Defaqto: 5/5 stars
iGO4 car insurance is rated as five stars by Defaqto, an independent financial research company, for its More Insurance policy.
Note: Not all Defaqto products with the same star ratings have the same covers and terms.
iGO4 Insurance was set up in 2007 by insurance brokers Tom Cooper and Matt Munro who wanted to create an innovative new approach to car insurance that embraces the growing number of consumers who are using price comparison websites to buy car insurance.
The digital insurance broker works with a panel of insurers to find the best rate for motorists. It specialises in telematics to allow it to compute prices in real-time by making use of data science to analyse insurance risk.
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Last year over a million drivers opted to have their driving ability monitored with a black box or plug in device in exchange for lower car insurance premiums.
Founder Matt Munro recently said that its car insurance consumers were growing up and in the past five years it had seen a shift towards an older age group from the black box younger generation.
This reflected a growing number of drivers who wanted car insurance policies that reward safe driving with reduced prices and maybe help improve their driving at the same time.
If you want telematics insurance
If you like the idea of a rewards scheme or performance monitoring
If you are a younger or inexperienced driver
If you want to use price comparison sites
Founder and CEO Matt Munro wrote a recent editorial in Insurance Post discussing the growth of price comparison sites as insurance distributers. He also made an argument for telematics entering mainstream car insurance and becoming not just for younger inexperienced drivers.
The company recently teamed with Earnix solutions in a deployment that signals the growing demand for sophisticated data and analytics platforms to deliver greater product personalisation. Market intelligence will be used to compute prices in real-time.
Machine learning technology will aid with customer targeting and selection that the company hopes will translate to higher retention rates at renewal.
The Financial Ombudsman Service received 54 motor insurance complaints about IG04. That was 1% of all complaints to the Ombudsman. To put that in context, 67 firms had 10 or more complaints each and those totalled 4,550 complaints. Nearly 200 firms had fewer than 10 each, sharing just 479 complaints between them.