Our business model & investment case

We are focused on delivering better outcomes for customers rewarding their behaviour and loyalty and, providing sympathetic end to end claims experience all underpinned by high levels of service. In doing so, we can deliver value for investors.

We have scale, heritage and expertise providing peace of mind to our customers on 2.5 million policies.

We are building on this heritage in two ways:

• by investing in an entire technology ecosystem to create a leading digital insurer.
• through the use of proprietary data combined with scaled machine learning capabilities to drive forensic understanding of insurance risk and great value pricing.

We have strong insurance DNA throughout the organisation that has been enhanced by colleagues with a proven track record in some of the most technologically advanced industries. Our culture is increasingly centred on a continual test / learn / optimise approach that drives a culture of innovation.

We want to be a force for good and will play our part in making everyday life greener and safer for colleagues, customers, the communities in which we’re proud to operate and for the planet.

Our mission is to become the UK’s ‘go to’ digital personal lines insurer. The Group already has over 2.3 million insurance customers and delivers award winning customer service. While we distribute directly to consumers using our established brands, the majority of our distribution is through Price Comparison Websites, the customers’ channel of choice. We have an opportunity to serve more customers’ home and motor insurance needs through the cautious growth of our competitive underwriting footprint.

Our Game Changer strategy is bringing together digital transformation with our customer-centric approach to build a significant competitive advantage in this highly fragmented, profitable market.

In addition to maintaining our core insurance disciplines our Blueprint transformation programme is building an advanced digital platform. The speed and flexibility of the platform will enable a low cost personalised customer experience that will use advanced data science to optimise customer service, will aid the expansion of propositions offered and the management of insurance risk.

We have an experienced, high calibre and diverse management team with deep expertise in insurance, technology, customer experience and data to allow the Group to deliver on its promise to fix insurance for good.

The combination of the Group’s trading and underwriting performance with its efficient balance sheet structure delivers strong profitability (with a Return on tangible equity in 2021 of 23%, 2020: 24%). Our disciplined financial and risk management approach and cautious reserving philosophy give the Group its strong balance sheet and positions it well for growth.

We expect our Game Changer strategy to support already strong underwriting, pricing and claims management discipline through further automation and data science capabilities.