Ripe is using its “build your own policy” model to deliver quotes for motorhomes in less than 120 seconds.
With this new area of cover, Ripe is building on its success insuring static and touring caravans and the business now has over 350,000 policyholders.
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In addition, Ripe used biometric testing to develop the journey for the product and ensure the quote process is as frictionless as possible.
The motorhome and campervan product by Ripe is underwritten by specialist motor insurer ERS. The insurtech now has 19 specialist insurance products targeting leisure, lifestyle and SME markets.
Ripe CEO, Paul Williams, commented: “It is estimated that there are over 225,000 campervans and motorhomes on Britain’s roads. With motorhomes rising in popularity as more and more people choose to holiday in the UK instead of going abroad, we saw a gap in the market for a product that’s competitively priced, customer-driven and digitally led. We have a tremendous track record in entering specialist markets such as this, with our unique agile model, and we’re delighted to bring our fresh, multi-award winning approach to motorhome and campervan insurance.”
UK-based insurtech Ripe turnover reached £27.1m ($33m) in 2022, an increase of £4m or 17% year-on-year.
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By GlobalDataRipe turnover in 2021 was only £23.3m but 2022 continues the firm’s 15 year record of revenue growth.
Over the year, Ripe added over 30,000 policyholders, increasing the total number to 315,000 across leisure, lifestyle and SME insurance products.
In addition, this growth allowed the firm to remain profitable while increasing investment in proprietary technology, senior personnel, and new product development.
As a result of the focus on expansion, Ripe saw its gross profit margin decrease by 9%.
Also this year, Ripe executed its first merger and acquisition (M&A) transaction by buying specialist boat insurer Craftinsure for an undisclosed sum.
Founded more than two decades ago, Craftinsure delivers specialist insurance for boat owners.
The deal allows Craftinsure to leverage Ripe’s technology and marketing capabilities to boost its growth
