MyPolicy Group has brought in a major name to serve as chairman at the precision risk pricing and telematics insurtech.
Taking on the role is Alan Whalley (pictured), who was with Willis Towers Watson predecessor firm Watson Wyatt Partners from 1977 where he not only opened new offices in Manchester and Leeds but also managed both the European and US businesses. In 2006 Whalley moved to Mercer and served as UK chief executive until 2012.
Commenting on the development, MyPolicy chief executive Roger Ramsden stated: “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 (Financial Conduct Authority) 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.”
A fellow of both the Institute of Actuaries and the Pensions Management Institute (PMI), Whalley currently chairs WEALTH at Work, the trustee board of Atlas Master Trust, and the board of PMI. He is also a trustee director of the British Coal Staff Superannuation Fund and a senior independent director at JPMorgan Life.
“MyPolicy Group has already pioneered the ‘rate per mile’, a model which we believe can reshape the future of motor insurance,” noted Whalley. “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.”
