Latest press info from Policy Expert, the UK insurtech for home and motor insurance, reveals the company has passed the milestone of one million live policyholders, doubling its customer base in less than three years as it builds on a decade of sustained growth.
The business was founded in 2010 and sold its first home insurance policy in May 2011. Since then, it has recorded significant year-on-year growth to become one of the UK’s ten biggest home insurance providers while diversifying its proposition by entering the motor market in 2019. Policy Expert’s growth trajectory saw it reach the landmark of one million live policies in December 2021, having passed 500,000 in June 2019. In addition, the number of motor policies written by its owned MGA grew by 184% between 2020 and 2021.
The 1m milestone was achieved ahead of schedule, as the business sustained its high customer service performance. Policy Expert has consistently maintained an ‘excellent’ TrustPilot rating of 4.8 based on over 47,500 independent customer reviews. It has also been recognised as the UK’s number one rated home insurance provider on ReviewCentre since 2013.
Its rise has been fueled by a proprietary technology platform, data-science led approach to pricing and risk and in-house claims handling capabilities.
This combination allows full control of the end-to-end customer journey, enabling Policy Expert to attract and retain customers through clear and transparent policies, optimised pricing and attentive service.
Adam Powell, Co-Founder and Chief Operating Officer of Policy Expert, commented:
“Policy Expert has begun 2022 on the crest of a wave as the vision we set out a decade ago continues to attract new customers and build long-term relationships based on rewarding loyalty with fair pricing and best-in-class service.
“The pioneering technology and data science that powers Policy Expert means we’re ideally placed to offer a better alternative to legacy providers. It’s a testament to the strength of our model that we’ve achieved profitable growth and improved our efficiency while maintaining the high levels of customer care people expect.
“We were the first to engineer a tech-led proposition for today’s aggregated general insurance market and pride ourselves on industry-leading renewal rates. Customers ultimately vote with their feet and having one million policies on our books makes Policy Expert one of the UK’s biggest insurtech success stories to date. Our technology is future-proofed for growth and as the market evolves, we are primed to deliver a better insurance experience for more customers.”
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