Insurance disrupter Ripe marks decade of growth
Ripe Thinking grew turnover 22 per cent in 2017, marking ten consecutive years of annual growth for the insurtech company.
Revenues rose from £9.2 million in 2016 to £11.2m in 2017, a year when the firm rebranded from The JRW Group to Ripe Insurance.
Ripe offers niche insurance products and invested significant sums in technology and digital marketing while launching three new products: Ripe Insurance for Valuables, Small Business and Photography. It now offers 12 niche insurance products.
“Ripe has delivered another strong performance. It’s pleasing that all our products experienced growth in 2017 and policyholders should pass the 200,000 mark this year,” said CEO Colin Whitehead.
CEO Colin Whitehead, MD John Woosey and executive chairman Paul Williams
“It feels like 2017 was a year of investment; in rebranding, fresh new offices, digital capabilities and new products. Bespoke policies, competitive pricing and a slick online experience are at the forefront of everything we do, reflecting the needs of today’s tech-savvy customers.
“2018 will see us explore new technologies and unique data-driven pricing models where policies, pricing and marketing can all be personalised to the individual’s needs.
“Behavioural economics will also be researched to understand what drives peoples’ decisions to purchase, or not, an insurance policy.
“Technology is revolutionising our industry and our ambition for 2018 is to take maximum advantage of the opportunities this presents.”
Staff numbers rose by 20 per cent as the company invested funds back into their in-house IT and digital marketing teams.
To accommodate their current 60 staff and future growth, Ripe invested in their Manchester HQ, doubling their office space.