Sector Financial services
Location Birmingham, UK
Investment type Enterprise Fund; buyout
Date January 2017
Status Current
Website www.mypolicy.co.uk
Non-Executive Directors Tim Smallbone, Jonathan Ma

MyPolicy

The company

Founded in 1995, MyPolicy provides broking, product design, pricing and monitoring of telematics motor insurance policies for first time drivers and other niches in the UK. Its highly scalable model has grown rapidly, developing proprietary risk algorithms to analyse and interpret telematics driver data and applying it widely through increasing its underwriting capacity and broadening its channels to market.

Over 500,000 new drivers enter the UK market every year and MyPolicy has enjoyed rapid expansion in 2016.

Growth strategy

As one of the market’s leading telematics businesses, MyPolicy’s management team sought an investment partner to help accelerate its exceptional growth.

The Inflexion difference

Inflexion’s recently raised Enterprise Fund reinforced our ability to invest in the lower end of the mid-market, completeting the £40m buyout of MyPolicy. We had followed the telematics sector for over two years and, our track record in the insurance sector meant we were well placed to support MyPolicy’s next phase of growth.

Inflexion has backed Patrick Quinn, CEO, and his talented management team. As part of the buyout, we have supported MyPolicy’s succession plans, enabling co-founder, Mike Quinn, to transition out of the business. We have also introduced industry veteran Mark Wood as Chairman. Mark is a long-time member of our senior network and has previously held CEO positions at Axa, the AA and Prudential Plc. Mark is also Non-Executive Director at the RAC. Inflexion’s Digital Director, Charlie Cannell has also supported the refresh of MyPolicy’s brand and website.