CompareXpress

CompareXrpess
Private
Industry Financial comparison website
Founded 2010
Key people
 Laurent Junique, Founder; Roy Siew, Regional Marketing Manager
Services product comparison, application processing, bill payment
Website www.comparexpress.com/home.aspx
www.gluaygluay.com/home.aspx

CompareXress is a Singapore-based financial comparison website[1] for car insurance, travel insurance, home loans, air fare, and hotels. Site users can compare the costs and features of various products and policies, select a brand, and purchase the policy or product directly from the site. Customers can also pay premiums on products selected at CompareXpress.[2]

While such aggregator sites have been commonly used in the United Kingdom and China since 2010, CompareXpress was the first such aggregator site in southeast Asia.[3] CompareXpresss effectively offers consumers the opportunity to bypass insurance agents, thereby saving agent fees.[4]

History

CompareXpress was launched in October, 2010[5][4] by Laurent Junique. In designing and marketing the new company, Junique made use of a survey of 400 Singapore drivers, conducted by Boardroom Research. The survey indicated that many motorists, women in particular, would look for cheaper insurance if they could do so online without having to deal with an insurance agent.[6] Initially, CompareXpress offered insurance from only three companies,[7] but the site subsequently expanded to offer eleven brands by 2012. The company launched a related enterprise, Gluaygluay.com, in October of 2011.[8]

Services

The company's Chief Executive Laurent Junique told the Straits Times that CompareXpress.com offers a user-friendly format for differentiating and analysing the excess, replacement car and personal accident coverage features of car insurance policies. In the first year it was launched, the site offered insurance through Etiqa, HSBC Insurance, and Liberty. In the same article, Junique said that customers could save as much as $300. "We have estimated there are at least 50,000 different customer profile scenarios for which each insurer will price differently. Hence, having online technology to help customers shop makes sense," he said.[5]

Logo

The CompareXpress logo features an illustration of a mouse called "Money Mouse," described as a "superhero who goes around town to help motorists with their motor insurance needs."[9] According to Her World Plus, the mouse mascot has over 2,500 fans on Facebook. The same publication speculates that Money Mouse was invented to make CompareXpress more appealing to women who often fear the tedium of shopping for better insurance prices.[9]

References

  1. ↑ Fei Fei Mok (21 August 2013). "Customers enjoy savings from credit card perks". The Straits Times (Singapore) (Singapore). Lexis Nexis. Retrieved 5 June 2014.
  2. ↑ "The concierge". The Straits Times (Singapore) (Singapore). Lexis Nexis. 10 May 2011.
  3. ↑ Tan Don (22 February 2012). "Asia : Potential of Price Comparison Websites". WebAssurance.org. Retrieved 5 June 2014.
  4. ↑ 4.0 4.1 Tan Lorna (30 January 2011). "Find more flexibility and choice online; More seeking coverage online because they can customise policy and it's easier to compare prices". The Straits Times (Singapore) (Singapore). Lexis Nexis.
  5. ↑ 5.0 5.1 "As the Internet looms ever larger in many people's daily lives, The Sunday Times highlights some online insurance providers.". The Straits Times (Singapore) (Singapore). Lexis Nexis. 30 January 2011.
  6. ↑ Chee, Kenny (14 October 2010). "Hubby, I've a motor-insurance query". AsiaOne (Singapore Press Holdings Ltd.). Retrieved 12 June 2014.
  7. ↑ "A designed-to-order motor insurance portal launched". Asian Insurance Review. ProQuest. November 2010.
  8. ↑ Burridge Nicky (14 February 2012). "Comparison sites starting to make waves in Asia". Insurance Insight. Retrieved 5 June 2014.
  9. ↑ 9.0 9.1 Lili, Tan (8 October 2010). "Easy, cost-saving way to car insurance". HerWorldPlus (Singapore Press Holdings Ltd.). Retrieved 12 June 2014.

External links