MyPolicy provides broking, product design, pricing and monitoring of telematics motor insurance policies for first time drivers and other niches in the UK.
Over 500,000 new drivers enter the UK market every year and MyPolicy has enjoyed rapid expansion in 2016. Its highly scalable model has developed proprietary risk algorithms to analyse and interpret telematics driver data, applying this widely through its underwriting capacity and broad channels to market.
They needed to reach its customer base effectively, using the market's medium of choice: digital, and cost efficiently. Allow the customers to buy, manage their mileage, buy further miles and, importantly, view their telematics report, or Driver Score, which encourages them to drive more safely.
From a technical perspective, we built a significant Middleware application. This integrated all of the different systems, databases and touch points together. Those systems included SSP's Electra M3, PAF look-up, Payment Gateway, SMS and email sending, document servers, car look-up, and existing telematics systems and databases.
We then built out various customer and internal facing touchpoints, including the design and build of a new consumer site, Quote & Buy journey and extranet.
From a business perspective, this approach gave MyPolicy complete control of its Quote & Buy journey, previously it had been the standard SSP Brokerweb solution, with its limitations and now it is whatever MyPolicy would like it be. MyPolicy has complete control to optimise it conversion path using MVT and conversion optimisation software.