policyCompany update
PolicySnap accepted into the FCA’s Innovation Pathways service
A milestone in our work to build AI-powered insurance intelligence that empowers UK drivers before they buy.
By PolicySnap
- Announced
- Article published
PolicySnap has been accepted into the Financial Conduct Authority’s Innovation Pathways service as we develop a new approach to how drivers understand and prepare their car insurance information.
We’re building AI-powered insurance intelligence around two moments that matter: before a driver submits their answers, and before they choose their cover. Our ambition is to give people a clearer understanding of what they’re being asked, identify details that need checking and empower them to make informed decisions.
Building intelligence around the driver
A quote is only part of the insurance decision. Drivers also need to understand the questions behind it, the information they provide and whether the cover reflects their needs.
PolicySnap is developing a service designed to bring those decisions into focus. Our approach combines AI with clear explanations and driver confirmation, so people remain in control of the information they submit.
Engaging with regulation as we build
The FCA's Innovation Pathways is a service designed to support financial services firms in their journey to design and launch innovative products and services.
This gives us an opportunity to work with direct regulatory guidance during product development, as we explore how AI can help people understand and prepare their insurance information. We see this as an important part of building a business that can earn trust and grow responsibly.
“Drivers should be able to understand what they’re being asked and make informed decisions before they commit to a policy. We’re building PolicySnap to put that intelligence in their hands. Joining Innovation Pathways is an important step as we work through the regulatory questions around bringing that ambition to market.”
Our next chapter
We’re interested in speaking with investors, potential advisers and partners who share our ambition to give drivers greater understanding and control in the insurance journey.
To discuss PolicySnap’s next chapter, contact enquiries@policysnap.io.
Meet the people building PolicySnap on our About Us page.