Defaqto are regarded as a reliable source of unbiased reviews.
Most reviews can be subjective and influenced by individual employees as opposed to the merit of a certain product a company offers.
Defaqto, therefore, remove certain aspects from their reviews. This results in a review that is solely product based.
There are pros and cons to these reviews, which are listed below:
Pros
Ease of use - Defaqto have built a system which means you can review a product at a glance. A data numerical analysis method reviews product features individually and on a regular basis.
Features and benefits - Financial products are rated higher depending on the amount of features and benefits included.
Small print - Defaqto’s analysts check the small print of products to help give an indication about whether a products features are as advertised.
Extensive analysis - “Defaqto employs over 60 analysts spending 400 hours a day monitoring the market, ensuring that the information provided is accurate and up to date”.
Cons
Price isn’t factored - This is due to the monetary value of a product being a subjective decision. This means there can be a wide financial difference between two similar 5 star products.
Customer service isn’t factored - For a review to be truly unbiased, it cannot include a customer service rating. This is because an employee or customer has the potential to influence these ratings.
Rating system is flawed - Defaqto’s rating system won’t show if a product is good or bad. Instead, products are rated on their features and benefits or how basic a product is. A 1 star review may not necessarily mean a bad product. It would just mean a product is outclassed by an alternative with either the same or a different provider.
Product features are weighted differently - This can lead to parts of a policy you value not having much of an effect on the overall rating. For instance, there may be certain benefits that are a requirement on a life insurance product for you. If these benefits are not weighted equally, you may find a product with 3 stars may be more suitable to your needs then one with 5 stars.
Essentially, life insurance or any financial product is designed to be highly detailed, resulting in being difficult to analyse, let alone with one single score between 1 and 5.
While Defaqto are undoubtedly a great source for unbiased reviews, it’s worth looking at an array of reviews from other companies, including Trustpilot and Google reviews.
Alternatively, you can always speak to an expert (like Reassured) for life insurance quotes.
We’re able to compare life insurance products from some of the UK’s leading insurers, as well as some smaller specialists (through our advised team) to find you our best deal.
7 min read
Rated 'Excellent' with 81,574 customer reviews
6 min
