Learning about Policy Detective's plans to investigate export opportunities is Invest NI board member, Dr. Alan Lennon (left) with company owner Shane Beckett. The company is currently targeting the wider UK market with plans to expand into Republic of Ireland and European financial markets.
A new Cookstown based financial services software company is targeting success in the wider UK market with support from Invest Northern Ireland.
PolicyDetective.co.uk offers a unique service which helps reunite life insurance / pension policies, bank and building society accounts with their owners. With decades of acquisitions and name changes by companies across the financial services sector, combined with the changing circumstances of the policyholders - including marriage, death, house moves, retirement or emigration – millions of insurance policies and their owners cannot be connected.
Established by Shane Beckett, Policy Detective Ltd has developed a unique innovative website with Invest NI support. It allows individuals to search for the current administrators of their policies and accounts. Individuals can use the service for free while the financial institutions will pay a small fee to have their data and documents hosted on the system.
Invest NI has offered a range of support part funded by the European Regional Development Fund, including export marketing and software development, as well as assisting with the development of new branding. The company is now exploring business opportunities with banking and insurance institutions across the UK and ultimately aims to tailor its service to the Republic of Ireland and wider European markets.
Mary Gormley, Manager of Invest NI’s Western Regional Office, commented: “Having identified a major gap in the market Shane Beckett has turned this into a commercial opportunity by developing an innovative and simple service to reunite millions of people with their old bank accounts and insurance policies.”
“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”.
Shane Beckett, owner of Policy Detective Ltd., commented: “Having experienced 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. I am now at an advanced stage of negotiation with a number of financial institutions and am already looking to the RoI and European markets as interest in Policy Detecitve's services grows.”