Ripe Thinking today reports a 16 per cent increase in turnover for 2018. For the year ending 31 December 2018, the Manchester-based insurtech company reported revenues of £13million compared to £11.2million the year before.
In yet another strong year, which marked Ripe’s eleventh consecutive year of growth, trading EBITDA rose to £2.13million from £2.05m in 2017.
Disrupting the insurance sector with its agile tech approach, Ripe has increased its policyholder numbers, invested significantly in staff and R&D and entered into a new long-term partnership with the UK’s largest general insurer, Aviva.
The solid results come just a month after Ripe announced that it had signed a five-year capacity deal with Aviva. Under the agreement, Aviva became the capacity provider for the majority of Ripe’s niche insurance products in the sport, leisure and business sectors. Aviva will help Ripe accelerate their product pipeline and open up new opportunities for distributing Ripe products through Aviva channels.
Over 200,000 policyholders
Ripe’s policyholders numbers have grown to 205,000 making the company one of the largest insurtech companies in the UK. Throughout 2018, all Ripe products experienced growth as the company expanded product offerings in response to customer needs.
Staff numbers grew by 17 per cent to 61 with further investment into the IT Development and Digital Marketing teams. Key hires included a new Chief Information Officer, a Data Analyst and a Head of Underwriting. In addition, over £300,000 was invested in Research and Development, harnessing new technologies to make us more efficient and improve the customer experience.
Ripe’s 12-strong product portfolio is set to grow in 2019 with three more products planned for the year.
Commenting on the results, Colin Whitehead, Executive Chairman of Ripe Thinking, said: “We are delighted with the metrics by which we run our business that have seen us record consistent growth over the years. To increase our EBITDA when we’re growing rapidly and reinvesting in all departments is a credit to the whole team here at Ripe. Our fast and easy online experience is second-to-none in the sector, meeting the needs of an increasingly tech-savvy audience. Sitting alongside this tech approach, we make sure price, customer service and simplicity of purchase remain at the forefront of everything we do. It is this strategy that has built us a strong and loyal customer base that trusts the Ripe brand.”
Ripe recently made the ‘Sunday Times Tech Track Ones to Watch Shortlist’ and the Northern Tech 100 list.