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New switching service utilises machine learning to save customers on their energy bills

Today marks the launch of a new energy switching service that claims to be the UK’s first intelligent energy switching service.

London-based Myia is hoping to shake up the traditional price comparison model with its new intelligent assistant, which has been developed in conjunction with New Zealand-based tech firm MyWave, that automatically switches users to the cheapest available tariff.

By comparing household usage patterns and constantly checking current deals and tariffs, the service aims to ensure that consumers are always on the best value tariff.

Using a combination of machine learning and conversational commerce, Myia says it can save consumers time and money by simplifying the complicated world of energy tariffs and services.

Back in June, the Competitions and Marketing Authority (CMA) released a wide-ranging report, criticising the big six energy firms for their lack of transparency and claimed that UK consumers had been overpaying for their energy bills to the tune of £1.4bn.

Geraldine McBride, founder and Chief Executive Officer of MyWave said the current situation where only a small fraction of the UK’s households switch their energy suppliers causes ‘significant waste’ in the energy market.

She added: “Myia revolutionises the way household energy is bought and sold by bringing about a more efficient market place which better serves customers. As a consumer, you are now able to save hundreds of pounds per year on bills and get time back in your life to enjoy the things you love.

“Energy retailers will also benefit as they can better understand their price points, bring in useful related services that add value to their offering and ultimately better serve their customers.”

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