Eleven consecutive years of growth for InsurTech
InsurTech Ripe Thinking has reported a 16 per cent increase in turnover for 2018.
For the year ending 31st December 2018, the Manchester-based company reported revenues of £13million compared to £11.2m the year before.
It marks Ripe’s 11th consecutive year of growth. Trading EBITDA rose to £2.13m from £2.05m in 2017.
“We are delighted with the metrics by which we run our business that have seen us record consistent growth over the years,” said executive chairman Colin Whitehead.
“To increase our EBITDA when we’re growing rapidly and reinvesting in all departments is a credit to the whole team here at Ripe.
“Our fast and easy online experience is second-to-none in the sector, meeting the needs of an increasingly tech-savvy audience.
“Sitting alongside this tech approach, we make sure price, customer service and simplicity of purchase remain at the forefront of everything we do.
“It is this strategy that has built us a strong and loyal customer base that trusts the Ripe brand.”
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Disrupting the insurance sector with its agile tech approach, Ripe has increased its policyholder numbers, invested significantly in staff and R&D and entered into a five-year partnership with the UK’s largest general insurer, Aviva.
Under the agreement, Aviva became the capacity provider for the majority of Ripe’s niche insurance products in the sport, leisure and business sectors.
Aviva will help Ripe accelerate their product pipeline and open up new opportunities for distributing Ripe products through Aviva channels.
Ripe’s policyholders numbers have grown to 205,000, making the company one of the largest InsurTech companies in the UK.