We plan to stop the insurance rip-off – and give power back to the people

Ever get sick of being ripped off by insurers? ‘Dual-pricing’ and ‘pricewalking’ are just two of the tricks they use to penalise loyal customers while baiting the hook with great prices for newbies. A new company called Peopl, in partnership with many credit unions, promises to reverse all that by rewarding – not penalising – your loyalty. It aims to use the collective buying muscle of the credit union movement to get a better deal for everyone. Here CEO PAUL WALSH tells us how he plans to bring the spirit of credit unions into the insurance game – which is a long way from his first job working in a pub in Dublin 8!

How does Peopl work?

With the support of credit unions, Peopl is leveraging the collective power of ordinary people coming together to offer fair and affordable life, home and travel insurance.

How can Peopl make a difference? Unlike other insurance providers in Ireland, our roots are based in financial organisations where the customer is the owner. We can make decisions which are right for our customers, who are also credit union members/owners, over much longer time frames than traditional insurance players. Over the long term we do win, and yes, we become a sustainable financial firm, but that takes patience, belief and values which matter.

So who covers your policies?

Our cover is provided by some of the largest names in insurance, including AIG, Irish Life, Royal London, Liberty and RSA.

What is your aim?

Peopl.ie builds on the credit union tradition for fairness, trust, accessibility and inclusiveness. Loyalty is rewarded, unlike with traditional insurance, where loyalty can actually cost you more. We strongly believe that by changing the balance of fairness, back in the consumer’s favour, we can – and will – build Ireland’s most ethical, fairest, and leading insurance business.

Must customers be in a credit union? No.

What do you do with your income?

Over half of Peopl’s income, after claims and running costs, goes back to customers and their community through the credit unions. We think it’s time that you should benefit from you!

How much can you save?

In 2021 alone, more than two-in-three customers who renewed their home insurance with Peopl, received [more than €100 in] lower prices than in the previous year. In January of this year, our home insurance customers got prices which were over €90 less than in 2021.

What’s dual-pricing, then?

This occurs when an insurer charges loyal customers a higher premium than new customers – despite having similar risk profiles. We revealed that almost six-in-10 people have experienced dual-pricing.

So loyal customers get penalised?

Many people, particularly people who are older, are fearful of change when it comes to insurance. Dual-pricing exploits this fear by charging more for a policy which can and does cost less. That’s simply unfair. That’s why Peopl’s offering is important; it’s more than price and access – it’s a way of being treated fairly, as a right, and not based on who you know or how loudly you can haggle.

Can we do anything to stop it?

Shop around. Never auto-renew and never take just one insurer’s quote as gospel. Do your homework – or better yet, get an expert [broker] to do this for you at no cost.

And what’s ‘price-walking’?

Automatically increasing the cost of your home or car insurance, year after year, simply because you remain loyal to your insurer. Sounds wrong – yep, but it happens. That’s why Peopl developed technology that breaks that process, once and for all. It’s the only brand to do this by way of design – so yes, we say fairness is designed into the DNA of our operations.

A strong consumer campaign has finally led to reforms that have reduced our insurance premiums (a bit). But is it enough?

It will take at least two years to see the benefits of these reforms and I’m confident they will occur.

Finally, what was your first paid job? Wow – that’s going back! The first job for which I received pay was helping out in a pub in Thomas Street, Dublin, many years ago. It was a special place and a home of bluegrass music. I hadn’t known much of bluegrass back then but was quickly hooked on it. It attracted some of the biggest names in music with an informal, irreverent and relaxed attitude. No matter how big the star or how big crowd, there was an acceptance.