Welcome to Bankstone News.

The Bankstone News team keep a sideways-slanting eye on current developments in the world of motor insurance. Boldly grasping the wrong end of any news stick going, Bankstone News keeps its loyal readers comprehensively misinformed and (just occasionally) mildly amused.

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Bankstone sponsor Insurance Endurance

January 8, 2019

Summer seems like a long time ago now, but back in June, we, alongside 16 other teams faced off in a 6-hour endurance karting race known as Insurance Endurance.

By channelling their inner Lewis Hamilton and enduring several hours of hard racing, the Bankstone team came out on top and were crowned winners of the 2018 event.

The race took place at Kart PFI Racetrack near Grantham, with the tack being the biggest outdoor karting circuit in the UK.

The event was another great success once again with the Bankstone battling it out alongside 2017 champions LAMP Champs throughout the day.

Whilst the afternoon provided an opportunity to display each company’s racing edge, it also played an important role in raising funds for The Insurance Charities.

This charity helps support insurance employees and their friends and family across the UK and Ireland.

We look forward to next year’s event where we hope to retain our crown as champions.

Check out some of our highlights from the day below.



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End of the road for shopping around?

December 20, 2018

Unsure whether or not it should take a dim view of insurance providers charging loyal customers more than disloyal ones, regulator the Fanatical Crackdown Authority (FCA) decided to ask the audience.

Exploitation

An exhaustive survey of sentiment among purchasers of insurance products has now revealed that roughly half such persons consider the practice (jewel pricing, as it is known, for some obscure reason) ‘exploitative’.

Indeed, almost four out of five insurance buying persons (so not just the ones who think jewel pricing is exploitative) believe the practice should be outlawed.

But a ban might not please everyone. Slightly worryingly, 38% of survey respondents said they actually ‘enjoy’ shopping around for their insurance – while fewer than one in five said they couldn’t be arsed comparing prices.

Sneaking admiration

But it’s a devious and cynical world we live in these days, Readers. Around 40% of respondents said that, whilst it might be ‘sneaky’ ripping off loyal customers, they view it with a certain grudging respect.

Maybe ‘ripping off’ is the wrong way of looking at it. Ian Huge, CEO of survey-mongers Consumer Intelligence, believes that – far from being the villains of the piece – insurers deserve our sympathy.

Vicious circle

Jewel pricing, he suggests, is “not a deliberate and calculated attempt to rip off loyal customers.” It’s more of a technical thing – what you might call “a by-product of having introductory rates in a market with high customer turnover.”

Insurers, Mr Huge argues, are stuck on a sort of a “merry-go-round”. They’d love to get off, he says. But if they started charging everyone the same price, they’d lose business to insurers who had yet to dismount from the merry-go-round.




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