Ripe Insurance has secured the backing of British insurance giant Aviva.
A five-year deal will see the UK’s largest general insurer provide capacity for the majority of the insurtech’s niche products in the sport, leisure, and business sectors. Ripe believes the long-term agreement, which is now in effect, is a significant next step in its development.
“As an insurtech business, it’s vital that we have a partner who understands our fast-moving digital model and growth ambitions,” noted Ripe chief executive Paul Williams.
“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.”
Meanwhile Aviva UK managing director of intermediaries Phil Bayles (pictured) commented that they are delighted to be partnering with the technology-driven niche provider.
“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 complements well with our approach,” said Bayles.