We are proud of the journey that MyPolicy has been on and are grateful for Inflexion’s continued support as we grow and evolve the business together.
Inflexion led the £40m buyout of telematics motor insurance business MyPolicy in 2017. The deal facilitated the succession plans of the founders, and management are now working with Inflexion to accelerate the business’ growth.
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. The business has grown rapidly, developing proprietary risk algorithms to analyse and interpret telematics driver data and applying it widely by increasing its underwriting capacity and broadening its channels to market. Over 500,000 new drivers enter the UK market every year, with MyPolicy’s offering proving attractive to growing numbers. In 2021, MyPolicy launched JURNY one of the UK’s first usage-based insurance products.
The deal allowed a co-founder to retire, while Inflexion’s network facilitated the appointment of a highly experienced Chairman. We worked with the team to refresh the business’ site and brand shortly after the transaction closed. The business has also invested heavily in its technology platform to be able to support a broader range of products and distribution channels, and we are working together on app-based enhancements to MyPolicy’s insurance products.