The company, which has achieved spectacular growth since its creation in June 2005, has exceeded its targets in reaching this milestone ahead of schedule.Since its creation, the company has achieved year on year average growth of 280%, and is one of the fastest growing car insurance companies in the UK today, with more than 250 employees.
Commenting on this achievement, Stephen Hardy, CEO of swiftcover.com said: “I'd like to thank all of our staff for working hard to achieve such tremendous growth in such a short period of time. We believe we are ahead of the game in the insurance industry, by creating a model which is entirely internet based with the ability to provide a quick, easy to use and personalised service for our customers. Our results speak for themselves, and we hope to continue this level of growth in the years to come.”
Frustrated by an industry which was primarily telephone based, a team led by Stephen Hardy and the chairman Andrew Blowers created the concept of a wholly online insurance service. As the offering remains internet based and without call centres, the overhead savings are passed directly to customers. The company continues to outstrip its competitors, sometimes by saving as much as 300% in the premiums it offers. As a result, swiftcover.com was voted cheapest car insurance, on average, by moneysupermarket.com in 2007.
ENDS
For press information, please contact:
Joshua Van Raalte or Jenny Duffy
Brazil (PR agency for swiftcover.com)
01865 556 000
swiftcover@agencybrazil.com
About Swiftcover.com:
Based in Send, near Guildford and employing over 250 people,
www.swiftcover.com was born out of a desire to revolutionise the general insurance market. swiftcover.com started trading in June 2005, jointly owned by the founding management team and international insurer Primary Group.
swiftcover.com offers car, travel and pet insurance online, and is Britain's only insurance company without call centres, which means that the cost savings can be passed directly onto the customer and premiums are kept low. As a result, swiftcover.com was voted cheapest car insurance, on average, by moneysupermarket.com in 2007.
This powerful operating model combined with successful marketing and competitive pricing has proven to be a tremendous success. Last year swiftcover.com sold more than 312,000 policies and is considered to be the fastest growing insurer in the UK.
In 2007, AXA UK acquired swiftcover.com. It is now a wholly owned subsidiary of AXA Insurance UK PLC which forms part of AXA Group.
About AXA:
AXA UK is a part of the AXA Group. AXA is a world leader in financial protection. AXA's operations are diverse with major operations in Western Europe, North America and the Asia/Pacific area. AXA employs 120,000 staff and tied agents and, as of June 30 2006, had €1,091 billion in assets under management. AXA reported total IFRS revenues of €72 billion and IFRS underlying earnings of €3,258 million for the full year 2005. Our previous company performance is not a guide to how we may perform in the future.