Ripe Thinking Limited, one of the biggest specialist insurtechs in the UK, has published its financial results for the year ended December 31, 2020.
According to Ripe, whose customer base in the country is now in excess of 250,000, the company’s statutory EBITDA (earnings before interest, taxes, depreciation, and amortisation) grew 75% from £2.75 million in 2019 to £4.8 million this time around.
Ripe’s turnover amounted to £18.8 million in the period, which represents a 25% increase from the previous year’s £15 million. Additionally, the firm’s roster widened by 7% to a 70-strong workforce.
The positive results were attributed to Ripe’s new cloud-based and custom-built customer relationship management platform called Juice. It allows rapid product deployment, both via the direct and affinities channels. The first product to launch on Juice was the Aviva-underwritten Ripe Caravans.
“It’s our 13th consecutive year of growth, and our major tech investment has successfully put us on track for an ambitious next phase for the business,” noted executive chair Colin Whitehead (pictured second from right alongside chief executive Paul Williams, marketing director Sarah Jones, and founder & managing director John Woosey).
“Customers are increasingly responding to our direct, ‘build your own policy’ model which puts control in their hands,” added Whitehead. “Our growth trajectory is continuing during 2021 despite the ongoing challenges of the pandemic.
“We’re a fast-moving business – and in an industry where legacy technology and restrictive processes remain inherent, we have upped our pace to become more agile than ever. We are now being approached by other organisations, affinities, and brands to partner with them using our tech stack to help them serve their customers with our insurance model.”
