The insurtech’s executive chair and chief executive says the results confirms the success of its approach to ’harnessing data and tech’
Insurtech Policy Expert reached record policy sales in August in its “best month ever”.
The personal lines insurtech – which specialises in home and motor – saw its total policies sold grow by 28% year-on-year in August.
Total home and motor policies sold grew 28% year-on-year in August, with over 128k policyholders either switching to Policy Expert or renewing their existing cover.
The total included more than 100k home policies sold in a single month – this is the first time Policy Expert has attracted this volume of business since selling its first policy in May 2011.
Across 2022 to date, the business has seen total policy sales grow by 25% year-on-year. Overall gross written premiums across home and motor has risen by 26% over the same period.
Steve Hardy, Policy Expert’s executive chair and chief executive, said: “These accelerating growth figures show Policy Expert’s approach of harnessing data and tech to deliver simple, transparent and fair insurance has stuck a chord with both new and returning customers.
“We set our stall out from day one to disrupt the market and do better for customers than they’ve come to expect from the insurance industry of old. It’s rewarding to see Policy Expert now rubbing shoulders with far longer-established brands and helping customers save almost £100 when they switch their cover.”
Policy Expert passed the landmark of one million live policies in December 2021.
Read: Policy Expert outlines SureThing! motor growth ambitions
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Best in class service
Since December last year, the UK general insurance market has seen the introduction of major reforms to combat price walking practices that left customers vulnerable to significant, unchecked price hikes at renewal.
Hardy added: “We’ve proved it’s possible to build a profitable insurtech platform that can deliver a best-in-class customer experience at scale. We are excited to build on this track record and keep innovating to meet more households’ insurance needs.”
Policy Expert’s approach uses proprietary technology and advanced data analytics to provide affordable cover to new and returning customers, reduce friction and provide great customer service.
Consumer Intelligence recently ranked Policy Expert among the top six UK home insurers by market share.
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