UK-based insurtech company Uinsure has secured an undisclosed investment from private equity company Lloyds Development Capital (LDC).
Specialising in connecting financial intermediaries and lenders with leading UK insurers, Uinsure leverages a cloud-based platform to simplify the insurance process for its customers.
Over the past decade, Uinsure is said to have recorded a compound annual revenue growth of 27%.
The backing from LDC will help Uinsure further boost market share, explore new markets, and expand its network of partnerships with intermediaries, major building societies, and banks.
In recent years, Uinsure has enhanced its technology capabilities, including the development of new application programming interface (API) integrations, customer experience improvements, and an advanced pricing engine.
The company also doubled its technology team headcount within the last two years.
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Uinsure CEO Simon Taylor said: “Right from the very first meeting, LDC has been aligned with our vision to remove the complexity of insurance for our partners and their customers. When we started looking for an investor to support us through our next phase of growth, finding the right partner who shares our culture was extremely important to us.”
“The team at LDC will be working closely to strategically support us with our long-term goals, as we explore new markets and grow our network of partnerships.”
LDC partner in the North West Aziz Ul-Haq said: “Uinsure’s recent large-scale investment in its technology means it is perfectly placed to serve its target market by offering a digital-first solution with a competitive edge.
“It has a highly experienced and incredibly ambitious management team whose offering has disrupted the industry and revolutionised the market. We’re looking forward to working with them to help it grow further.”