Founded in 2010 and selling its first home insurance policy in May 2011, Policy Expert is the digital home and car insurer using proprietary technology and data insights aiming to disrupt the General Insurance Market through clear and transparent policies, fair pricing and attentive customer service.
The UK insurtech 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.
Since being founded 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.
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.”
Using technology that is future-proofed for growth
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.
“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,” added Powell.
“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.”