MyUtilityGenius, Vip Amin and the changing face of price comparison
Vipul Amin is no stranger to the price comparison game. He was part of the group behind uSwitch, one of the leading price comparison sites which emerged following the end of the dotcom boom in the UK. But while you might have thought that price comparison will always be about a ‘compare and switch’ type of model, these days the old ways of doing things don’t always cut it.
That’s because things have moved on, and customers expect more than simply being able to find a better deal. Right at the fulcrum of this new wave is Vip Amin’s MyUtilityGenius, which might be seen as a ‘uSwitch mark 2’ in the way it has gone about cornering a slice of the price comparison market in the country.
Making it easy for businesses to switch
Where Vip Amin’s MyUtilityGenius promises to be different is its approach to SMEs. While the domestic gas and energy market was well catered for in terms of price comparison, the UK’s small businesses did not have the same access to compare energy prices and switch if they so choose. If Vip Amin has his way, that could all change. MyUtilityGenius sets about helping SME owners make informed decisions through technology solutions.
Bringing the broker under control
Vip Amin’s plan, using the same kind of formulas and systems he hit upon when at the helm of uSwitch, is to allow commercial owners and SME managers to get maximum value from their energy supply base. Up until now, it has been a highly brokered sector which has prevented small businesses from getting the value which they should do. But thanks to the more intelligent systems and better data processing enabled by MyUtilityGenius, Vip Amin might soon be able to realise his mission to bring true value to SMEs, and this looks likely to benefit the more agile of the suppliers, too.
Providing more than ‘a switch’
Among the USPs which MyUtilityGenius will bring to the table is providing more than just a means to switch, but also methods after a customer has switched which make sure they are paying only what they need to. Vip Amin also plans to use smart metering, the Internet of Things and demand-side management to ensure that MyUtlityGenius is pushing price comparison forward, making it as compelling an option for this generation of customers as it was for the post-Millenium market.
And Vip Amin also recognises the importance of dialogue on all sides to get buy-in for a better future. He explained: “If we want to get more than 50% of the UK engaged in the energy market and switching, as well as managing their consumption, then doing what we’ve always done before isn’t going to cut it. That’s why we seek out and engage with every party that has a new idea. It’s also why we have made a strenuous effort to understand how energy suppliers actually work. And we approach them with new ideas ourselves, because changing the energy landscape, whether for domestic consumers or micro-businesses, is a bigger job than just one part of the engagement chain.”
Business innovations seem to become old news almost as quickly as they emerge sometimes. Price comparison was a breakthrough solution for many UK consumers, but after a decade of the same models and a market which has become saturated with companies offering the same thing, it seems that the time is nigh for price comparison services to move on. If MyUtilityGenius can complete its agenda of modernising price comparison for both domestic and commercial energy customers, we could see more opportunities for consumers to save money – which can only be a good thing.