Policy Expert, the UK’s leading personal lines insurtech, has revealed that new policy sales for 2023 passed 300,000 during August as it attracts more customers across both home and motor insurance product lines.  

The business, which uses proprietary technology and advanced data analytics to provide affordable cover to UK households, has also seen almost 700,000 existing customers renew their policies this year. This includes more than 96,000 in August alone in its best-ever month for renewal volumes.  

Total gross written premium for the first eight months of 2023 have increased 37% year-on-year.  

Industry data from the Association of British Insurers (ABI) shows that inflation, extreme weather and other factors have increased insurance premiums across the market over the last year for both home and motor insurance.  

However, customers have continued to save money by switching to Policy Expert, with 90% of customers saving an average of £91 when moving their insurance from another provider*.  

The insurtech has also maintained high customer approval ratings, with an ‘Excellent’ rating on  Trustpilot from almost 70,000 reviews, and a 97% recommendation rating on Review Centre from over 57,000 independent reviews.  

Policy Expert is currently ranked as the number 1 home insurance provider in the UK on Review  Centre, a position it has held since 2013. Data from Consumer Intelligence shows Policy Expert was the joint biggest grower for customers among home insurance brands last year. It has since opened new office premises in Milton Keynes and expanded its technology division to over a hundred people by adding to its data, pricing and development expertise.  

Steve Hardy, Executive Chair of Policy Expert, commented:  

“Policy Expert has continued its strong growth trajectory and shown that, despite challenging market conditions, we can continue to attract customers with fairly priced insurance and take care of them so they choose to stay with us.  

“At a time when customers have more reason than ever to assess their options, Policy Expert has cemented its position at the top for new home policy sales via price comparison sites. And we continue to have one of the highest retention rates around.  

“The time and expertise we have invested to build a customer-centric proposition and blend data  science with actuarial methods to stay at the cutting edge of pricing strategies, are clearly paying off  both for Policy Expert and for our policyholders.”