UK-based insurtech Ripe Insurance has signed a five-year capacity deal with Aviva.
Starting from the beginning of 2019, Aviva will be the capacity provider for Ripe’s niche insurance products. These products are in the sports, leisure and business sectors.
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By GlobalDataThis long-term partnership with a giant insurer is set to be a massive boost for the insurtech.
Paul Williams, CEO of Ripe, said: “Aviva demonstrated their appetite to partner with Ripe’s tech-driven and agile approach to niche insurance. At a time of such volatility and uncertainty particularly amongst unrated insurers, it is a credit to the team here and to our consistent underwriting performance that the UK’s largest A-rated insurer sought a long-term capacity arrangement with us.
“As an insurtech business, it’s vital that we have a partner who understands our fast moving digital model and growth ambitions. Aviva recognises the future of insurtech and will not only help us accelerate our product pipeline, but potentially open new opportunities for distributing Ripe products through Aviva channels.”
Commenting on the partnership, Phil Bayles, managing director, Intermediaries said: “Aviva is delighted to be partnering with Ripe. It’s important we look at different ways of working within our industry and insurtech companies such as Ripe bring a different way of thinking which compliments well with our approach.”
Ripe launched its first insurance product in 1998. Now, it has over 200,000 policyholders and receives one million site visits a year.
Aviva partnerships
At the end of 2018, Aviva agreed to purchase a majority stake in smart technology insurance provider Neos Ventures.
Launched in 2016, Neos Ventures helps customers to monitor and protect their homes using connected devices such as cameras and sensor technology to quickly detect water leaks, smoke or intruders.
Aviva said that the investment in Neos is part of its plan to forge closer relationships with customers through digital technology while offering services that give them the ability to better manage their everyday lives.
