PolicyCastle

insurtechiot (preventive insurance/telematics)

FOUNDING YEAR: 2016
LOCATION: United Kingdom
Last Update: 01/05/2020

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About

PolicyCastle is an UK digital insurance broker. We aim to present an information approach, focused on the customer experience, with household insurance as the first point of contact with the customer. It is smartphone led, helping customers to understand and find the optimal cover, using genetic algorithms and behavioural science. This will benefit both the customer and the insurer, particularly in relation to verification, claims and anti-fraud. We help insurers gain a better understanding of the customers they are insuring and target specific groups with more detailed underwriting.

Focus

PRODUCTS & SERVICES

Household insurance for UK affluent customers

REVENUE MODEL

Commission

PRIMARY PROBLEM SOLVED

Customers need to find the right household insurance cover, on their smartphones

INTELLECTUAL PROPERTY

Patent(s) FILED

People

FOUNDERS

Edmund Dilger

NUMBER OF EMPLOYEES

1-10

COMMENT:

Experience in the space, focus on fast execution

Momentum

FUNDED

NO

LISTED

NO

For Investors

FUNDING NEEDED:

£150 K

USES OF FUNDS RAISED:

1. Further platform development

2. Hire another employee

EXIT STRATEGY

Sale to private equity (strong appetite in UK for insurance distribution businesses) or larger insurance broker

MONTHS LEFT WITH CURRENT CASH BURN RATE:

24 months from 23 Aug, 2016

COMPETITORS:

Swinton

A-Plan

Budget

Broker Network

BASICS

FOUNDING YEAR:

2016

LOCATION:

United Kingdom

Views:

75 VISITORS | 141 VIEWS
TOTAL EMPLOYEES
1-10

About

PolicyCastle is an UK digital insurance broker. We aim to present an information approach, focused on the customer experience, with household insurance as the first point of contact with the customer. It is smartphone led, helping customers to understand and find the optimal cover, using genetic algorithms and behavioural science. This will benefit both the customer and the insurer, particularly in relation to verification, claims and anti-fraud. We help insurers gain a better understanding of the customers they are insuring and target specific groups with more detailed underwriting.

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PolicyCastle

About

PolicyCastle is an UK digital insurance broker. We aim to present an information approach, focused on the customer experience, with household insurance as the first point of contact with the customer. It is smartphone led, helping customers to understand and find the optimal cover, using genetic algorithms and behavioural science. This will benefit both the customer and the insurer, particularly in relation to verification, claims and anti-fraud. We help insurers gain a better understanding of the customers they are insuring and target specific groups with more detailed underwriting.

Focus

PRODUCTS & SERVICES

Household insurance for UK affluent customers

REVENUE MODEL

Commission

TOP PROBLEM SOLVED

Customers need to find the right household insurance cover, on their smartphones

PRODUCT DEVELOPMENT STAGE

MVP

PRODUCT DEVELOPMENT COMMENT

Platform built, insurer products being implemented and tested

KEY DIFFERENTIATORS

Use of genetic algorithms and behavioural science

PRIMARY CUSTOMER TYPE

Consumer

People

FOUNDERS

Edmund Dilger

NUMBER OF EMPLOYEES

1-10

KEY EMPLOYEES:

CEO, FOUNDER: Edmund Dilger

TEAM COMMENT:

Experience in the space, focus on fast execution

Momentum

FUNDED

NO

FUNDING COMPLETED

NO

LISTED

NO

FUNDING SERIES