R&Q’s Accredited Insurance teams up with Policy Expert

Randall & Quilter (R&Q) subsidiary Accredited Insurance has agreed a six-year programme-management deal with UK InsurTech Policy Expert.

According to the two firms, targeted capacity over the six-year term is expected to be £2bn in gross written premiums.

This is not the first agreement of this kind that Accredited has signed this year. In January, the firm said it had gone into a five-year programme management agreement with First Underwriting, a fast-growing UK-based MGA. That agreement includes a targeted capacity of £1bn in gross written premium over the period and will be supported by a panel of highly rated reinsurers.

Alan Quilter, R&Q Group CEO, said: “This is a significant agreement with Policy Expert, and is the second long term partnership that we have announced this year. Such long-term arrangements support our objective of delivering sustainable and predictable growth in our program management business and we will seek further opportunities from the strong relationships we are developing with MGA distributers and highly rated capacity providers including reinsurers and ILS vehicles.’’

Expanding Policy Expert’s position 

Writing its first home insurance policy in 2011, Policy Expert has since grown to become one of the UK’s top ten home insurance providers, expanding into motor in 2019. It leverages proprietary technology and advanced data analytics, from pricing through to claims, to generate competitively priced cover, strong customer advocacy and high renewal rates.

Policy Expert has been the UK’s number one rated home insurance provider on Review Centre since 2013 and Insurance Choice Award winners for car insurance 4 years in a row, 2017-2020.

Steve Hardy, Executive Chairman of Policy Expert, said: “Policy Expert has enjoyed over a decade of uninterrupted growth, fuelled by proprietary technology which has driven us from start-up to become a heavyweight Insurtech that is firmly established as one of the UK’s major insurance providers. I am delighted to have agreed a long-term capacity arrangement with R&Q Accredited, which gives us a platform to significantly expand on our current position with over one million home and motor policyholders. Competitive cover and attentive customer service have never been more important to consumers, and I am looking forward to building on our track record of profitable growth.”

Driving change in the age of digital insurance 

Trusted by over 1 million UK home and car insurance customers, Policy Expert was the first home insurance model designed for aggregator sites. 

Born digital and driven by the desire to disrupt the stagnant home insurance market, the company have deliberately focused on building a ‘best-in-class’ home insurance proposition, through deep vertical integration that gives it control of the full end-to-end process – including product development and pricing, sales, renewals, service and claims – in order to deliver major advances and continuous enhancements for customers. 

Colin Johnson, Accredited CEO, commented: “Policy Expert is a perfect fit for Accredited as we continue to diversify our business and partner with an exciting mix of niche and “Super” MGAs. We were attracted by Policy Expert’s proven track record, market-leading data management and reporting capabilities, and the expertise and vision of its leadership team. We are looking forward to a long and successful relationship to support Policy Expert’s continued growth.”