Manchester based motorcycle and delivery insurance specialist Principal Insurance, has marked its tenth anniversary by securing its 50,000th policyholder. As it hits the milestone birthday today (Wednesday 05 May 2021), the Sale-headquartered insurance broker also reports it has successfully maintained its momentum throughout the Covid crisis.
Now a UK top 50 personal insurance broker, the company is set to deliver year-on-year growth of around 70%.
In the 12 months to March 2021 the group grew gross written premium – the value of the policies arranged – by 17 percent to £23m. In the same period its policy count increased by 11 percent, with notable gains made within the private motor, motorhome and courier markets. Having successfully transitioned from being a wholly office to a home-based operation over a single week in March 2020, the group also secured significant productivity gains, cut sickness absences and grew its payroll.
On average its 93 employees now generate £35,000 more premium per head annually.
“We benefited from being both exceptionally agile and tech savvy,” comments founder and managing director, Dave Bowcock. “The first lockdown hit just as the motorcycle season was due to start, stifling one of our key markets overnight. We switched feet and put our focus on motorhome and courier which we immediately recognised would benefit rather than be disadvantaged by the restrictions.”
He added: “There are so many reasons to celebrate as we hit our tenth anniversary. Our performance across a range of financial and service indicators has been hugely impressive, especially given the challenges which the pandemic presented.”
He also noted that securing 50,000 policyholders marked a personal milestone. “When I founded Principal, one goal I had was to be serving 50,000 customers whilst still knowing the name of every member of staff. I can now tick that one off.
Other achievements secured during the pandemic include extending the group’s distribution network through new partnerships with Compare the Market, GoCompare, Honcho and insure4less.
It also became the first UK general broker to introduce an AI-powered, emotion detecting analytics solution to enhance sales, service and compliance standards across its currently virtual call centre.
Other technological innovations included the strengthening of anti-fraud systems and the launch of staff and customer apps. Given current Government restrictions the group has put its 10th birthday party on ice. It’s hoping it can host a staff celebration in September when the 10th anniversary falls of when it signed up its first policyholder.