Niche insurer posts 10th consecutive year of annual growth
Niche insurer Ripe Thinking today reported a 22% increase in turnover for 2017.
The results for the year ending December 31, 2017, mark the 10th consecutive year of annual growth for the Wythenshawe-based InsurTech company which has seen revenues rise from £9.2m in 2016 to £11.2m in 2017.
Trading EBITDA was steady at £2.05m in 2017, compared with £1.96m the previous year, as significant increased investment in technology and digital marketing continued.
Last year the company rebranded from The JRW Group to Ripe Insurance.
The company says the new brand identity has been well received and has united the company’s existing products.
Three new products have since been launched under the new name – Ripe Insurance for Valuables, Small Business and Photography.
Ripe now offers 12 niche insurance products, ranging from golf cover and a product for personal trainers, to music, fishing, gun, and drone products.
Staff numbers rose by 20% 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 also invested in its Manchester headquarters, doubling the office space and creating an environment suited to their ‘fresh thinking’ ethos.
The Ripe rebrand marked an acceleration of the company’s growth plans.
A further three new product launches are planned in 2018 and a two-year partnership with the University of Salford was recently announced as part of Ripe’s strategy to investigate how new technologies can improve customer experience and drive growth.
Commenting on the results, chief executive Colin Whitehead, said: “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.”
He added: “It feels like 2017 was a year of investment; in rebranding, fresh new offices, digital capabilities and new products. Achieving increases in turnover and EBITDA in a year of significant investment demonstrates the strength of our business model.
“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.”
He said: “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.”
