Policy Expert outlines SureThing! motor growth ambitions

Policy Expert is building out its propositions in relation to its acquisition earlier this year of broker SureThing!

The insurtech claims to have built a dynamic and scalable technology platform which can support multiple product lines, brands and geographies.

Adam Powell, chief operating officer and co-founder at Policy Expert told Insurance Times that currently it “is focused on the growth opportunities this presents across both motor and home”. In June this year Powell also became the chief executive of SureThing!

Although the insurtech has no short-term plans to announce further acquisitions, its ultimate goal is to continue growing the business.

It reached a landmark 550, 000 live home insurance customers earlier this year, following eight years of “sustained annual growth” and it expects this upwards trend to continue.

But Powell said: “At the heart of our expansion lies our underlying mission to disrupt the General Insurance market through clear and transparent policies, fair pricing and attentive customer service.”

Standing out from the crowd

Powell explained that the firm made the move into motor insurance partly because “there are strong synergies between this and home insurance with ample opportunity for enrichment, cross-selling and loyalty rewards”.

With the same synergies existing with other general insurance products so there is scope to broaden its product base.

“Aggregators now dominate the UK distribution landscape for personal lines. As the first home insurance model purpose-built and optimised for today’s aggregated market, we have the technology infrastructure and skills to remain at the forefront of the digitisation of financial services and adapt to the emergence of new service and distribution channels.

“This sets us apart from incumbents who have been wrestling with outdated tech and below-par data in an attempt to retrofit their model to aggregated distribution,” Powell added.

Heart of everything

Data, Powell said is at the “heart of everything” Policy Expert does. It launched an analytics team to help bring focus to Sure Thing! It also claims to have built a customer base to rival longer-established brands that focusses on consumers needs such as transparency and fair renewal pricing.

“Our priority is to ensure our broader product proposition has this same approach at its core. Our approach has always been to focus on building a best-in-class proposition through deep vertical integration, rather than becoming a ‘jack of all trades’ overnight.” said Powell.

The insurtech has spent eight years honing its home insurance offering. “We’re naturally keen to uphold this position and intend to maintain the same focus and rigour as the business grows,” Powell added.