23 February 2021
UK-based telematics insurance provider My Policy announced an investment from Zurich Group.
Zurich will therefore become a long-term insurance capacity provider and join an existing panel of insurers for boosting the company’s growth. Zurich will become a strategic minority investor alongside existing My Policy management and Inflexion Private Equity. The completion of the transaction is subject to regulatory approval which is expected to be confirmed in the first quarter of 2021.
Patrick Quinn of My Policy, said, “In our ongoing effort to tailor our insurance to consumers’ needs, we are aware that increasing our usage-based offering will benefit a greater number of clients as driving patterns change in 2021 and beyond. Zurich’s investment in My Policy enables us to significantly boost our capabilities and this, combined with My Policy’s new pay-per-mile platform, JURNY, and the ongoing support of Inflexion, will help accelerate our growth plans further and meet changing customer needs.”
Established in 1995, My Policy Group is a provider of services across intermediation, data and analytics, product design, etc. JURNY is the company’s new pay-per-mile product where customers are quoted a personal price per mile, which they pay as they drive through a pre-paid account.
Siwan Lu, CEO of Zurich Insurance Mobile Solutions, said, “Our collaboration with My Policy further highlights our commitment to providing user-friendly products to our customers in an evolving world. My Policy Group offers a smarter way for customers to insure their vehicle, whilst also giving them more control over their insurance costs.”