swiftcover.com reaches half a million policy milestone

swiftcover.com, the UK's only 100% online insurance provider, celebrates a major milestone today in achieving 500,000 live policies.

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 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.