MyPolicy Group, the fast-growing InsurTech focused on precision risk pricing and telematics, today announces the appointment of Alan Whalley as chairman.
Formerly UK chief executive of Mercer, Alan is now a non-executive director with a small portfolio of board roles focused on financial services. He is currently chairman of WEALTH at Work, chairman of the trustee board of Atlas Master Trust, a trustee director of the British Coal Staff Superannuation Fund, senior independent director of JPMorgan Life and chairman of the Board of Pensions Management Institute.
Alan served as CEO of Mercer UK for six years, appointed to drive revenue growth and cultural change in the business. Prior to this role, Alan held a range of roles at Watson Wyatt (now Willis Towers Watson) over a 28-year period, during which he opened new offices in both Manchester and Leeds and managed both their European and US businesses.
Alan has an honours degree in Mathematics from University College, Oxford. He is a fellow of the Institute of Actuaries and a fellow of the Pensions Management Institute.
MyPolicy Group has rapidly grown its core motor insurance business over the last three years following its acquisition by Inflexion, the private equity firm. As well as continuing to grow this business, the Group has developed a market-leading risk pricing engine, redefining premium models by accurately pricing motorists’ risk per mile using vehicle telematics data. The Group has ambitious plans to build out its big data analytics capabilities, which will become increasingly important in the way insurance is priced in future.
Alan Whalley, Chairman, said: “MyPolicy Group has already pioneered the ‘rate per mile’, a model which we believe can reshape the future of motor insurance. I am thrilled to join the business at a crucial stage in the Group’s development, as we aim to make MyPolicy Group the go-to solution for precision pricing. Both consumers and underwriters are benefiting from the enhanced transparency and flexibility afforded by advancements in the use of data to price risk, and this will remain a key driver of the Group’s strategy.”
Roger Ramsden, CEO of MyPolicy Group, said: “Alan’s appointment comes at an exciting time for the company and the industry more broadly. Motor insurance is changing – disrupted by insurtech and likely to be shaken up by the FCA’s loyalty premium investigation – and we believe our proprietary risk model could play a key role in this evolution. Alan’s extensive experience and actuarial background will help build momentum behind MyPolicy Group’s mission, as we work to disrupt and transform motor insurance pricing and products which reflect how people actually drive.”