The insurtech continues to focus on broadening its use of artificial intelligence and machine learning to shape its pricing strategy
Policy Expert has announced its intention to expand its technology team to 100 staff members by the end of the year to increase its data, pricing and development expertise.
The addition of more than 20 new technology roles will take the business to 640 employees in total – almost doubling the tech team’s size over the last two years.
Announced today (7 November 2022), these newly created roles will support the business in building practical applications and cloud-based technology infrastructure to improve the insurtech’s business model.
Adam Powell, Policy Expert’s chief operating officer, said: “These new tech roles will support our ambitions to make a positive difference to millions more households who want affordable and fairly priced insurance they can rely on in times of need.
“We’re proud to have built a tech team that are operating at the cutting edge of automation, artificial intelligence and machine learning to transform what people can expect from insurance, from a pricing strategy that rewards loyalty through to a claims experience which puts customers firmly in control.”
The week also saw Policy Expert announce a key partnership with price comparison website, QuoteZone adding its car insurance product to the panel of insurance experts.
Vision
Meanwhile, Policy Expert continues to focus on broadening its use of artificial intelligence and machine learning to shape its pricing strategy.
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Powell added: “The potential to deliver better insurance experiences through smarter use of technology and data has been core to Policy Expert’s vision since day one.
“Since then, we’ve grown rapidly from start-up to scale-up and achieved sustained, efficient and profitable growth by building an insurtech company that customers want to stay with for life.”
Policy Expert offers home and motor insurance to more than 1.2m policyholders. Its model is built on a highly scalable cloud platform, powered by Amazon Web Services, which has helped it to double its customer base over the last three years.
The business recorded its busiest ever month for policy sales to new and renewing customers in August 2022.
Earlier this year, it announced a six-year agreement with Accredited Insurance (Europe) Limited to support its further expansion, with a target capacity of £2bn in gross written premium.
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