Policy Detective widens search area
A company in Co Tyrone which aims to reunite people with their life insurance, pension policies and bank and building accounts hopes to gain more business in the UK market.
Policy Detective founder Shane Beckett said decades of acquisitions and name changes by companies in financial services, combined with the changing circumstances of policy holders, often mean that owners misplace or forget about their policies.
The company has developed a website with the support of Invest Northern Ireland (Invest NI) which allows individuals to search for the current administrators of their policies and accounts.
Participating financial institutions will pay a small fee to have their data and documents hosted on the system, but the service is free to individuals.
The company is now looking at business opportunities outside Northern Ireland after securing support from Invest NI for export marketing and software development, and new branding.
Mary Gormley, manager of Invest NI’s western regional office, said: “A targeted marketing strategy and a strong brand identity will now help Policy Detective to develop opportunities within the current UK market and in the longer term, with their plans to expand into Republic of Ireland and European financial markets.”
Mr Beckett said: “After experiencing the frustration of trying to track down an insurance policy on behalf of an elderly relative, I realised there was huge potential for a service which streamlined the process. Core to the service is my software. Support from Invest NI helped me to develop software which is both user friendly for customers and extremely efficient.
“Additional assistance with website redevelopment, branding and marketing has also been essential in helping me to raise the profile of the business in the market.”
Invest NI has offered nearly £50,000 of support to Policy Detective , including funding from the European Regional Development Fund (ERDF).