The man who once brought price comparison and provider-switching to the forefront of the UK energy market is at it again. Vipul Amin, the money man behind one of the UK’s most successful comparison sites, has been quietly building a new empire with the site, MyUtilityGenius.co.uk.
This easy-to-use online portal aims to optimise energy consumption in households by educating and providing innovative tools and support to UK households that may need support to maximise their energy purchasing. The MyUtilityGenius philosophy is “to shine a light into the dark corners of the energy industry.” They say their goal is “to help people understand how utilities work, what they’re paying for, who they’re paying and why and how energy pricing works.”
One in five UK consumers could still save on their energy bills
The company, founded in 2012, follows in the footsteps of market titans like uSwitch.com which seek to help people save money on their everyday bills. Currently, less than 18% of customers switch their energy supplier or tariff each year. And the least likely of all are those that need it most such as pensioners or low-income families. Like uSwitch.com before them, the company wants to help these people to take their suppliers to task and build their trust in the competitiveness of the UK market.
This is important because many will find themselves out of contract, and out of luck, having ended up on expensive standard variable tariffs for three years or longer. MyUtilityGenius is a great place to start the switching process and specifically considers the needs of those that may be unsure about doing business online. The company’s team and its working practices offer the peace of mind that comes with operating under Ofgem’s Confidence Code so that all information is presented in a transparent way.
MyUtilityGenius offers easy access to utilities deals
That clear access to information is thanks to the technology behind the switching site. When consumers enter their information, the site completes a thorough sweep of all the deals and discounts available to them. Customers can be certain they are getting the best deal and suppliers can be sure that they are fairly represented.
MyUtilityGenius is a natural progression from the trail blazed by uSwitch.com back in 2000. At that time, Vipul Amin and his business partners Andrew Salmon and George Mountbatten saw a gap in the market for British consumers to enjoy the benefits of market deregulation. This meant that people were able to easily switch their energy suppliers for the first time but there was no easy way for them to see the opportunities available to them.
uSwitch.com was a new way of doing business in the energy market
uSwitch.com was created as a way to fill that gap. It introduced a new business model where users paid nothing to access the site and its deals. Instead, energy suppliers paid uSwitch.com for featuring their offers on its pages and then referral fees for every time they gained a new customer thanks to a uSwitch search. Millions of people used the site when it was launched in 2000 and it continues to be a major player.
The management team that started the firm, including Vipul Amin, agreed to sell uSwitch.com to American firm E.W Scripps in 2006 in a huge deal for over £200 million. The team’s principals have since gone on to make further investments in the industry and are behind similar sites around the world.
About Vipul Amin
Vipul Amin is the director of MyUtilityGenius Limited and MyUtilityGenius Corporate Limited, as well as being the accountant for both companies. Born in the UK in 1963, Mr Amin brings a wealth of corporate financial management experience to the role from his positions with uSwitch.com and other large-scale corporate and advisory bodies.