Policy Expert, the UK’s leading personal lines insurtech, today announces the expansion plans of its technology division, including building out the team to 100 people by the end of this year as it adds to its data, pricing and development expertise.

The addition of more than 20 new, highly skilled technology roles will take the business to over 640 employees in total, almost doubling the tech team size over the last two years as it builds on its position among the UK’s fastest-growing home insurance providers.

Policy Expert continues to focus on broadening its use of artificial intelligence and machine learning to shape its pricing strategy, which combines data science with actuarial techniques. The newly created roles will support the business in building practical applications and cloud-based tech infrastructure, improving Policy Expert’s established vertically integrated business model.

Policy Expert offers home and motor insurance to over a 1.2million policyholders, using proprietary technology and advanced data analytics to optimize the customer experience. Its model is built on a highly scalable cloud platform, powered by Amazon Web Services, which has helped Policy Expert to more than double its customer base in the last three years. Customers have been benefitting from Policy Expert’s unique data-led pricing model, with over 92% of customers saving an average of £93 per year when switching to Policy Expert.

Using technology has enabled the business to optimize its workflow and deliver efficient growth while maintaining high performance and best-in-class customer service. Nine in ten (90%) of customers’ email enquiries are handled through one-touch resolution, helping Policy Expert to maintain its position as the UK’s number one rated home insurance provider via ReviewCentre since 2013, based on over 50,000 reviews, with a 4.8 Trust Pilot rating.

Market data also suggests the business recorded the strongest customer growth of any UK home insurance brand in the six months to March 2022, according to Consumer Intelligence’s Insurance Behaviour Tracker: more than doubling its gains from the previous six months. The business has since recorded its busiest-ever month for policy sales to new and renewing customers in August 2022.

Consumer Intelligence’s analysis shows Policy Expert is the youngest brand in the UK’s top six home insurers, alongside established providers such as Aviva, LV, Direct Line, Admiral and Saga. Its current market share makes Policy Expert a bigger player than household names such as Halifax and Sainsburys.

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.

Adam Powell, Chief Operating Officer of Policy Expert, commented:

“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. 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 is 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.”