Insurtech reports record revenues and welcomes new chair
Insurtech, Ripe Thinking, has achieved its strongest financial performance to date and is embarking on its next phase of growth and proprietary tech deployment.
The Wythenshawe-based business has also announced the appointment of fintech heavyweight Laurel Powers-Freeling as new chair of its board.
Ripe has reported a record year, with turnover rising by 24% to £23.274m for year ending December 31, 2021. Pre-tax profits were static at £4.351m, compared with £4.306m the previous year.
It said it has been a pivotal year for the firm which attracted major investment from Aquiline Capital Partners in November, with the global investment management firm acquiring a majority stake.
Following its 14th consecutive year of growth, Ripe is expanding its team by a third during 2022.
Employee numbers climbed to 77 in 2021 and have increased to 102 this year – including the further expansion of its tech and digital marketing teams.
Ripe’s multimillion-pound cloud-based underwriting and insurance distribution platform – known as Juice – is playing a central role in the company’s latest success. It is being deployed for Ripe’s own products, as well as providing the capability for a white label solution for affinity partners.
Advances made during 2021 made product deployment faster and have kept Ripe’s tech capabilities ahead of the market, it said.
The company is developing AI and machine learning within the insurance sector, with robotics and data analytics a key area of focus, supported by a Knowledge Transfer Partnership with the University of Salford.
CEO Paul Williams said: “Our model has been resilient through the economic challenges of the past two years, and we maintained our trajectory through the pandemic. We have a clear route for long term growth and the ability to deliver consistently strong profits.
“Couple this with our ethos to digitally transform the insurance sector and the technology in place to deliver it, and we are primed for our next bold phase of development.”
New chair, Laurel Powers-Freeling, brings a powerful track record in financial services, business growth and tech.
She led the development of M&S Money as CEO, and has held a series of senior executive, board or non-executive positions for major organisations including the Prudential, ACE/Chubb, Lloyds Bank Group, the Bank of England, but also significant fintech platforms including the UK’s first digital only bank Atom Bank, Uber UK (chair since October 2017) and personal finance platform Moneybox (chair since October 2021).
Laurel Powers-Freeling said: “Ripe’s developed a platform that can reach insurance customers in a hyper-targeted, efficient, and appealing way. For me, what is truly compelling about the business is that, while currently a bit modest in its footprint, it now has the formula – and the backing – needed to transform the sector – it’s a fintech primed to scale and win.”
Paul Williams said: “We welcome our new chair at a pivotal time for Ripe. Laurel has unrivalled tech and financial industry expertise, and a track record of leading companies that are digitally transforming their sector. With Aquiline and Laurel’s strong belief in our potential, alongside significant investment now being deployed to scale up the business, we are on a path to redefine how insurance is done.”
The appointment comes as former chair, Colin Whitehead, steps down to start his retirement. John Woosey, Ripe’s founder and managing director, said: “Colin has played an important part in the success, growth and unfaltering ambitions of the business over the past 14 years.”
