As part of a new interview series, Matt Hyde, Director of Recruit121 and FinTech Awards Wales, talks to a whole host of professionals in and around Wales’ thriving FinTech Sector.
This week Matt caught up with Lee Griffin CEO from Go.Compare.
1. We all know / have heard of Go.Compare but could you give some background to your time there and your current role?
I was one of the founders of Go.Compare and in 2006, along with a few friends, we decided to set up our own comparison site. 18 years later it is one of the leading insurance comparison sites in the UK and is owned by one of the leading publishing houses. I am currently the CEO of Go.Compare and we are now part of Future PLC.
2. What’s the reason for the slight change name from GoCompare to Go.Compare?
The decision to bring the “dot” into the mix was to make our website is easier to find – regardless of browser or device, all people need to type in Go.Compare and they are there. It’s basically taking out the middleman and making it easier for people to find us directly. As simple as that.
3. How does this sponsorship align with Go.Compare’s mission and strategic goals, particularly in the context of AI and Fintech?
Go.Compare has been a long-standing supporter of FinTech and will continue to push innovation, develop solutions for consumers that make their lives easier. AI will be a pivotal part of this.
4. Could you explain how Go.Compare utilizes AI in its own operations and services?
Right now, AI is being used at the fringes of what we do, but we have lots in the pipeline which we think will help us be smarter for our customers, and particularly help us interact with customers. We have taken our time in integrating this technology as we have all seen the horror stories of AI hallucinating or just going off the rails, so we have been cautious and robust in its implementation.
5. What are some of the key benefits that AI has brought to Go.Compare’s business model and customer experience?
It’s an incredibly powerful way to interpret data rather than ‘make’ entirely new data – so we are finding that we can actually listen to our customers in much more actionable ways through things like sentiment analysis. That customer feedback loop has always been important to us, but you tend to force people to give feedback in very rigid ways. AI helps us to ask our customers what is important and meaningful to them – and then we can work with that to give them the solutions they are looking for from our service.
6. How does Go.Compare stay at the forefront of AI innovation and ensure that its AI solutions remain cutting-edge?
Staying up to speed with the breakneck rate of development in this space is half the battle – and in reality, a lot of solutions are very general purpose at the moment rather than tailored for fintech, and particularly comparison. Where we see something developed in the market that is designed for fintech and credible we are staying very close to the vendors.
7. How do you view the role of AI in the Fintech industry, and what potential do you see for AI to transform the sector?
Education and getting the right information to the customer is our guiding light – and where we think AI can be pretty revolutionary for us. At the moment, it can be hard to balance information overload – where perhaps a customer already knows what they need to – versus unanswered questions. Ultimately, we want customers to make informed decisions they feel really confident about, and AI will definitely be a part of that future across the whole sector.
8. What are some of the most exciting or innovative uses of AI you’ve seen in Fintech recently?
One of the finalists this year, Peppercorn AI, is already administering its own motor policies entirely through their Pipr AI platform – which is pretty exciting and actually incredibly responsive when you try to throw it a curveball.
9. How does Go.Compare plan to continue advancing its use of AI and integrating it into new areas of its business?
We start with the problem statement rather than the solution, and those challenges are evolving faster than ever in comparison.
10. What role do you see AI playing in Go.Compare’s future growth and innovation strategies?
We have some really exciting plans and AI is definitely a component of that – but you will have to wait and see.
11. How does Go.Compare collaborate with other organisations or start-ups to drive AI innovation within the Fintech industry?
One of the tremendous benefits of the thriving ecosystem in Wales is that it’s very easy to stay close to what is happening and offer guidance on whether we think that will work for our sector, or not. Of course, we maintain the same engagement beyond Wales, but it’s always better over a cuppa.
12. What excites you personally about the integration of AI in Fintech, and how does this influence your work at Go.Compare?
It is that customer confidence angle for us – we have done an excellent job with relatively simple products that people understand quite well, but there are plenty of aspects of our financial lives which don’t quite need the help of a financial advisor but are still basic questions customers find difficult to answer. We think we can really help here, and of course grow at the same time.
13. Did you enjoy the interview and judging process?
It was fantastic – the finalists were all incredibly passionate about their businesses and the real difference they can make for their customers.
14. Finally, is Gio Compario really annoying?
Not at all, Gio is a part of our history and our heritage, and we are very proud of him.
