The UK’s Financial Conduct Authority is to trial a value comparison website, in a bid to increase competition.

Director Strategy and Competition Christopher Woolard says the pilot site will feature a small number of insurance products, and will show how often claims are made, how likely it is claims will be accepted and average claims payouts.

“We believe publishing a range of information will help boost competition between firms, encouraging them to focus on improving the value and performance of their products, while giving stakeholders and consumers more insight into the value they offer,” he said.

The 12-month pilot follows a 2014 study of the general insurance add-on market, which revealed competition is not working for many customers.

Last June the regulator proposed several options for publishing product information, including claims ratios as a standalone value measure, claims ratios and claims acceptance rates, and claims acceptance rates, claims frequencies and average payouts.

The pilot will begin in the UK summer following further engagement with stakeholders.