Somerset-based insurtech firm Durell has secured a strategic investment from The Movo Investment Group , the investment arm of the Movo Group.
As part of the investment, Movo has acquired a 50% stake in Durell. Financial terms of the deal were not disclosed.
Durell provides a software solution to general insurance brokers and other intermediaries across both General Insurance and Life markets.
This solution is said to integrate client and policy management with a full accounts package, client portal and office management tools.
The investment from Movo will help the insurtech enhance its existing digital capabilities for its network of brokers. Additionally, they are expected also benefit from Movo’s operational and compliance oversight of the system.
Additionally, the investment will support the planned launch of Durell Schemes and Quote Portal, expected later this year.
Durell Schemes are said to be a central resource that matches brokers with capacity providers in a bid to ensure transparency between the parties to help them bring products to market quickly and efficiently.
Said to be a B2B marketplace, Quote Portal will enable products, including schemes and niche lines of business, to be built and distributed quickly and broadly.
help our brokers embrace tech and be competitive in an increasingly online market.”
Movo’s appointed representative network members will be offered direct access to the schemes’ software, which is now incorporated as part of its network members’ package.
Durell managing director Tom White said: “We have been quietly successful – now with 180 brokers and over £400 million GWP on our platform.
“Movo and Durrell brokers will get access to the marketplace and any existing and future products built on our platform will have that distribution at their fingertips. We’re delighted to be partnering with Movo and excited about the future.”
Movo Investment Group managing director Lea Cheesbrough will assume the role of commercial business development director at Durell.
Cheesbrough said: “Durell has a first-class tech proposition that gives intermediaries with delegated authority, across both general insurance and life markets, a very real competitive advantage.
“Independent brokers don’t always have the resources to take advantage of technology so working with Durell we can help our brokers embrace tech and be competitive in an increasingly online market.”