Adam Powell, co-founder and chief operating officer of Policy Expert, tells Insurance Times why his firm deserves to win the Excellence in Technology – Distribution award, sponsored by PremFina, at 2022’s Insurance Times Awards
Explain briefly about your entry in the Excellence in Technology – Distribution category.
We set up Policy Expert to re-engineer the home insurance process, harnessing technology to save people money and remove friction from every stage of the insurance process.
We use cutting edge tech, including artificial intelligence and machine learning, to benefit customers.
It allows us to analyse a vast amount of data incredibly quickly, including behavioural data, to inform up-to-the-minute market insights. We can then flex our pricing to ensure quotes always accurately reflect a customer’s risk profile.
In practical terms, this means we can cut the number of questions we ask customers by 50%, all while maintaining market beating prices.
What do you think makes your entry stand out or different from your competition?
Our approach is completely unique.
No other company has invested in the complete end-to-end process like we have, which allows us to build technology that constantly optimises the experience for customers – whether that is drawing on previous data to allow us to cut our question set, or to accurately price quotes.
What would winning this award mean to you and your firm?
This award would be a fantastic recognition of our progress in just over 10 years to become one of the biggest and best rated insurance providers.
It would highlight the incredibly exciting future that lies ahead for the business.
Read: Policy Expert hits record policy sales in ‘best month ever’ August
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Read more on the Insurance Times Awards finalists here.
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