Policy Expert, the digital home insurer, has passed the landmark of 500,000 live home insurance policies following eight years of sustained annual growth.
Established in 2010, the business has grown rapidly since selling its first policy in May 2011 to become one of the UK’s top 20 home insurers.
Since its launch, Policy Expert has set out to disrupt the market using proprietary technology and data insights to become the most successful new entrant to the home insurance market in the last 10 years, with a proposition based on clear and transparent policies, fair pricing, loyalty rewards and attentive customer service.
Its cloud-based platform has been optimised for the aggregated insurance market, with 80% of all sales and renewals transactions now conducted digitally. It consistently places in the top three home insurers for customers via aggregated channels.
Unlike many incumbents, Policy Expert maintains full control of the end-to-end insurance process in-house, including product, sales, renewals, service and claims. It was among the first UK insurers to offer fixed rate premiums and jargon-free policy wording accredited by the Plain English campaign.
The business has now expanded to over 350 employees, supported by in-house proprietary software and a fully integrated ecosystem – providing a single customer view and a unique level of insight into customer behaviour. This enables the business to offer better pricing and services that encourage and reward loyalty.
Policy Expert’s commitment to customer experience and quality service is reflected by its recognition as the UK’s number one rated home insurer on Review Centre – a position it has held since 2013 – and an average customer satisfaction rating of 4.6/5 from over 23,000 independent reviews.
Adam Powell, Co-Founder and Chief Operating Officer of Policy Expert, commented: “Today’s landmark is testament to Policy Expert’s rapid growth in the last decade. We have a unique position in the industry – our business model was born digital and is driven by technological innovation that now operates on a scale to rival incumbents.
“Our digital home insurance model is based on the unique application of proprietary technology and in-house software. This gives us the insights to provide a market-leading customer experience, from product development and pricing through to claims, without the burden of legacy systems which can stunt innovation.
“Looking ahead, we see huge opportunities to keep challenging the status quo by combining tech with a ‘customer-first’ mind-set. We will continue to develop insurtech solutions that remove friction for our customers and seize new opportunities to improve the insurance experience.”