CEO Today UK Awards 2021

34 CEO TODAY UNITED KINGDOM AWARDS 2021 Insurance we can price competitively for both new and returning customers. On average, 90% of home customers save money when they switch to Policy Expert to the tune of £75 a year.” Describe working for Policy Expert – what kind of team and culture have you built? “Technology and data are fundamental to our DNA, but as I said before, technology is simply an enabler. Specifically, it enables the brilliant team we’ve built within Policy Expert to do their jobs to the best of their abilities. That could mean interpreting pricing movements in the market to help customers save money on their premiums. Or it could mean delivering first-rate customer service in our contact centre so customers can sleep easy knowing they have got the right cover in place or their claim is being taken seriously. We’ve gone to great lengths to avoid limiting our field of vision. Our management team has a combined 125 years of tech as well as insurance expertise, while our product team boasts pioneering data scientists who work alongside actuarial experts to shape our pricing strategies. We foster a culture of innovation throughout the business and encourage integration across teams to enhance our product and service proposition. We’ve also made sure we avoid putting barriers between us and our customers, so we can understand what motivates them and act without having to wade through layers of corporate bureaucracy. In the early days of Policy Expert, we talked a lot internally about adopting a ‘consumer champion’ mindset and applying a ‘customer first’ test to our decisions. Every customer is encouraged to give feedback about our service – whether it’s good, bad or indifferent – and these insights are reviewed by senior managers every week to guide our actions.” As CEO, how do you personally stay close to the customer? “To this day, even as we approach one million customers on our books, I receive a copy of every single review that rates us less than three stars out of five, in real time, as does my co-founder and Chief Operating Officer, Adam Powell. We read every one, without exception, and these customer insights are as important to shaping our thinking as our latest sales figures or loss ratios. Our competitive edge has been recognised through a number of industry awards, and I’m especially proud of those that are voted for by policyholders and recognise this customer-centric approach. Within two years of selling our first policy, we were ranked as the UK’s number one rated home insurer on Review Centre based on independent reviews. Eight years later, we have gained over 36,000 reviews and have not relinquished that position once.” Insurance is about being there for customers when the worst happens. How does Policy Expert approach the issue of claims? “Customers’ needs are our top priority – we have always wanted to be an insurer who people can trust, which is surprisingly rare even today when customers are increasingly empowered and businesses often held to account. We give customers strong reasons to stay with Policy Expert, which is why 87% choose to do so, streets ahead of the 62% industry norm. Fair pricing is one compelling reason to renew, and our approach to handling claims is another.