How personal finance comparison platforms can help simplify buying insurance services
Rohith Murthy, CEO of MoneyHero, says these websites enable customers to find, compare and choose the best value products for their needs
For anyone looking for a new insurance product, whether it is to provide cover for their health, house or new car, having to navigate their way through the different alternatives can be daunting and confusing.
However, the use of a personal finance comparison website can help to simplify the process by aggregating and listing the choices on a single, user-friendly platform, so customers can compare products and make the right choice.
Rohith Murthy, CEO of the Singapore-headquartered personal finance comparison platform MoneyHero, says it is easy to make the most of such websites to find suitable insurance coverage.
In a Q&A, he also highlights how the growing use of artificial intelligence (AI) technology can enhance the process of buying insurance services.
How does a personal finance comparison platform such as MoneyHero help consumers navigate the current market for insurance services?
Insurance is a protective purchase – something people buy hoping they never have to use. Consumers often underestimate or neglect adequate insurance protection, risking severe financial losses if unexpected events occur.
Insurance also represents a high-margin, recurring revenue stream for us through renewals. In Singapore and Hong Kong, we’ve expanded across car, travel and health insurance, giving consumers real choice while providing us with a sustainable growth engine.
At MoneyHero, our key approach involves several strategic elements. Education is the starting point: many consumers lack awareness about insurance or view it as complex and unnecessary.
Through clear, easy-to-understand educational content, we explain why adequate insurance is essential to safeguard their savings and financial well-being against unforeseen circumstances.
We offer transparent and comprehensive comparisons. Once consumers recognise the need for insurance, they encounter numerous providers, complex policy terms and continuously changing premiums.
MoneyHero aggregates information from a wide array of insurance providers, offering clear, side-by-side comparisons across general insurance products. Our platform helps consumers easily compare coverage details, premiums and benefits, which reduces the risk of confusion and complexity.
Once users decide to buy a certain insurance product, MoneyHero’s intuitive, advanced user interface design simplifies the process, so consumers can complete their insurance purchase smoothly, quickly and confidently.
As more companies incorporate insurance technology (insurtech) into their strategies, how will this benefit MoneyHero’s customers?
We are not aiming to become an insurtech; instead, as a licensed insurance broker, we serve as a digital-first marketplace designed to educate users, facilitate product discovery and simplify their insurance shopping journey.
For example, we have partnered with Singaporean company Bolttech’s insurtech platform to enable real-time pricing and seamless, end-to-end purchasing for car insurance.
Additionally, our collaboration with Shanghai-based software company eBaoTech’s InsureMo platform allows us to offer a similarly frictionless and real-time user experience for travel insurance products.
These strategic partnerships enhance our digital capabilities and allow us to offer an outstanding customer experience.
How does building a network of partnerships help provide more value to MoneyHero’s subscribers?
Over the last decade, we have built relationships with over 260 commercial partners across our four markets, including prominent banks, insurers and brokers, and have established ourselves as a trusted and leading acquisition partner for many financial institutions.
We work closely and strategically with these partners to show consumers the best financial products, exclusive deals and market-leading premiums. Through these collaborations, we can leverage our partners’ APIs (application program interfaces) and integrated technology platforms, which will enable us to offer smooth, seamless and efficient digital experiences for our customers, while also providing partners with insights to test and refine new offerings.
Also, through our Creatory platform, we have built an influential ecosystem of content creators, key opinion leaders (KOLs) and influencers. We empower these creators to monetise their audiences effectively by providing ready-made content and streamlined back-end services, handling everything from content support to billing and payments.
How do you think the personal finance comparison market will evolve and provide more benefits to subscribers over the next five years?
When we started MoneyHero in 2014, there were numerous similar platforms in our region, but today very few have succeeded or even survived. MoneyHero has emerged as the clear market leader across our four markets, uniquely positioned as the only publicly listed comparison platform.
Looking ahead, we expect significant evolution and transformation in this industry, driven by several key factors.
The adoption of AI will significantly reshape how comparison platforms operate and scale. We are already actively integrating AI tools across our business, leading to notable enhancements in productivity and efficiency.
We think that in the coming years, personal finance comparison platforms will feel like personalised digital financial coaches – proactively assisting users, understanding their preferences, and recommending tailored solutions.
In addition, conversational user interfaces will transform customer engagement. Moving beyond traditional, static-user experiences, comparison platforms will leverage advanced conversational interfaces, providing users with tailored, real-time advice and answers.
At MoneyHero, we are actively exploring the implementation of these conversational interfaces to better serve users’ financial decision-making needs.