UK Insurtech Policy Expert clocks up record policy sales in August
Policy Expert, the UK’s leading personal lines Insurtech, registered its best-ever month for sales in August as it attracted new customers and renewals in record numbers.
Total home and motor policies sold grew 28% year-on-year in August, with over 128,000 policyholders either switching to Policy Expert or renewing their existing cover.
The total included more than 100,000 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 have risen by 26% over the same period.
Policy Expert’s accelerating growth follows soon after passing the landmark of one million live policies in December 2021.
Since then, the UK general insurance market has seen the introduction of major reforms to combat legacy ‘price walking’ practices which left customers vulnerable to significant, unchecked price hikes at renewal.
By rejecting this along with other traditional aspects of the industry ‘status quo’, Policy Expert has become the largest and most successful new provider to enter the UK home insurance market over the last decade.
Its approach uses proprietary technology and advanced data analytics to provide affordable cover to new and returning customers, reduce friction throughout the process and deliver best-in-class customer service.
Market analysts at Consumer Intelligence recently ranked Policy Expert among the top six UK home insurers by market share, and highlighted its strong momentum for customer acquisition compared with the established brands that make up the top ten.
Policy Expert has also maintained its strong customer service performance as it grows. It has been rated as the UK’s number one home insurance provider on ReviewCentre since 2013 with over 50,000 independent reviews and has an ‘excellent’ Trustpilot rating of 4.8 with over 60,000 reviews.
Steve Hardy, Executive Chair and CEO of Policy Expert, commented:
“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.
“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.”
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