UK insurtech Ripe has achieved strong double-digit growth in 2022, continuing its 15-year streak of consistent revenue increases. The company’s turnover increased by £4 million ($5.4 million) to reach £27.2 million ($36.8 million) in the 12 months ending December 31, 2022, compared to £23.3 million ($31.5 million) in the previous year.
Over the course of the year, Ripe added more than 30,000 policyholders, bringing the total number to 315,000 across various leisure, lifestyle, and SME insurance products. This significant organic growth has allowed the company to maintain profitability while increasing investments in proprietary technology, senior personnel, and new product development.
Ripe’s focus on expansion and increased capabilities has resulted in a slight decrease in gross profit margin by 9% compared to the previous year. The company heavily invested in technology to support its entry into the SME market. In June 2023, Ripe launched a new SME policy targeting hair and beauty professionals, with plans to introduce additional products specifically for microbusinesses by the end of 2024.
Furthermore, Ripe launched its Park Home insurance product in 2022, following the success of Ripe Caravans in 2020. In addition to developing its proprietary tech platform to support the rollout of new products, Ripe has invested in a new technologies lab to advance its machine learning and automation capabilities through an enhanced partnership with the University of Salford. The company is also incorporating speech analytics, biometric testing, and large language models into its daily operations to improve customer experiences and operational efficiencies.
To support its growth, Ripe increased its personnel by 27% in 2022, with the technology and marketing divisions accounting for over half of its employee base. This reflects the company’s commitment to growth and agility. The investment from Aquiline Capital Partners, based in London and New York, has enabled Ripe to pursue its ambitious growth strategy.
Recently, Ripe announced its first M&A transaction by acquiring specialist boat insurer Craftinsure. The deal, subject to customary closing conditions, marks the first acquisition since Aquiline Capital Partners invested in Ripe in the previous year.
Rob Styring, Chief Financial Officer at Ripe, expressed his satisfaction with the company’s growth and stated that the acquisition of Craftinsure is a testament to Ripe’s commitment to expanding its offering and providing tailored insurance solutions to its customers. With its strong financial performance, investments in technology, and strategic acquisitions, Ripe is poised for further growth in the insurance market.
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