I find it really useful and helpful that an independent company has rated a financial product for me and helps me towards making an educated decision.
I’m guessing that the defaqto rating system identifies the rating of 1-5 pretty easily.
Does Monzo know the Defaqto rating of the AXA travel insurance?
We’ll have to disagree on this one. I appreciate what you said was that you pay for the rating and the logo etc, often you can’t just pay to do this though, unless you have passed the certification first. Meaning that both points are equally valid 
I agree on the business model point, and understand your viewpoint fully. Mine differs, but hey that’s how forums and opinions work 
I never said otherwise 
But it’s clearly in their interest to get you rated, otherwise they aren’t able to sell you a service and make money.
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True
Are we against a company making money from helping you make better financial decisions. Monzo is not a non profit organisation and I find the dafaqto system to be helpful.
Is there a Non Profit organisation that Monzo or anyone could direct me to to help me easily compare travel insurance products?
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Yeh that’s exactly how I feel at the lack of simple information to compare the quality the Monzo / AXA travel insurance
It states this:
A 1 Star Rating indicates a basic product, with a low level of features and benefits, while a 5 Star product provides one of the highest quality offerings in the market.
From: Star Ratings | Defaqto
But as I said previously it tells you nothing about the detail of the policy. Due to mine and my partner’s individual circumstances I doubt an overall rating would help us identify which policy best suits those needs.
They’re also only updated every 12 months.
A 5 star rated policy might not include a feature we need, whereas a 1 star policy could. I can see how an overall rating is a sign post, but it isn’t a comprehensive review of the effectiveness of the policy. I think there are better ways to identify how well a policy suits your own individual needs and relying on a defaqto rating in those circumstances could lure you into a false sense of security.
For that reason and in my opinion it doesn’t affect me whether Monzo does or does not have a rating, but I can see how it might be useful for SOME people.
I’m bowing out of this discussion now because we aren’t getting anywhere and it isn’t a constructive discussion anymore.
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If that’s the case, it doesn’t tell me the first thing I need to know before buying insurance. How good is their service when it comes to making a claim?
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There are so many products available, I usually look at 5-star rated offerings first to filter the list down. Or, if I’m looking at two policies side by side that appear very similar, I’d plump for the 5-star over the 4-star, for example.
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Just posting the email from Defaqto today.
Monzo got a 3 star rating btw which means an average insurance product.
Monzo is great at many things, but should be aiming higher in future insurance offerings - go 5 star Monzo!
Hi Rory,
Our Research team have now obtained and verified the data required and have added the Monzo Plus annual travel insurance product to our database. To view the Star Rating please see our Star Ratings section of our website (you can search for Monzo in the Provider search box):
https://www.defaqto.com/star-ratings/travel/travel-insurance-annual/
Just to provide a bit of background, Defaqto Star Ratings show the quality and comprehensiveness of features and benefits of financial products. They are an expert assessment of the product itself, based on how it compares to the rest of the products in the market.
Throughout the year our team of 60 experts spend 400 hours a day looking at product changes, market trends and keeping up with the latest regulation. They combine consumer research on what is important for consumers when considering financial products along with their own research and findings from industry consultation.
Our analysts then decide which features and benefits will be included as part of our rating criteria and set benchmarks for each of the criteria selected. The more comprehensive a product is the more points it will score, the overall score is then calculated to give the product a Star Rating of 1 to 5. This process happens on a yearly basis, to ensure our Star Ratings stay relevant.
We aim to be whole of market and there is no charge to any provider to rate the products.
Please let me know if you require any further information.
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Interesting thread in principle. As a consumer why would I place my trust in the Defaqto system when they don’t seem keen to explain how it works? I have’t yet located a clear explanation of what factors are scored, who does the scoring, and what if any independent review occurs of these.
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