In recent years, Defaqto has visited our offices to give us an overview of the Star Ratings, as well as the advantages it can bring to our consumers.
Who is Defaqto?
You may have seen Defaqto featured in the media, including The Daily Mail, The Telegraph, and Moneywise.
However, if you’re still unaware here’s the full description:
“Defaqto is a leading financial information Ratings and fintech business, where 60 leading experts rate a range of financial products.”
The 130 product areas include general insurance and banking products. They rate each product every year on a scale of 1–5, based upon the strength of each product’s features and benefits and weighing their importance to consumers. The ratings are known as Star Ratings – you may have seen them on price comparison websites. Each rating is kept up-to-date with changes within the industry, as experts in each area keep well informed by, for example, attending industry conferences and seminars.
What does this mean?
Defaqto calculates their Star Ratings to provide consumers with a balanced and transparent assessment of different products and policies in the market.
As a result, Defaqto simplifies the baffling variety of financial products in a category. This filters all the information into a distinct and objective rating system.
What’s good to know is – Defaqto’s Star Ratings are based upon facts, not opinions. This gives an overview of all products in a category, based on reality, which can viewed at a glance, to give an initial impression of the relative quality of each product.
How to use them
Sometimes it’s daunting to decide which product and cover level to purchase. However, referring to Defaqto ratings as a guide can give you the confidence and reassurance needed to quickly and easily assess the quality of a product. From there you can decide on a selection of products to investigate further.
Many products on the market have more than one level of cover to give customers a choice. This means that a provider may carry a product with a 5 Star rating and another with a 3 Star Rating. The star ratings help everyone understand where a proposition sits in the market.
So when you purchase a Free Spirit ‘Super Duper’ policy, with its 5 Star Defaqto Rating, you can be sure that you have a product that provides one of the highest quality offerings on the market.