UK-based multinational insurer Aviva has signed a new five-year capacity deal with up and coming UK insurtech Ripe Insurance; a ‘significant step’ in Ripe’s ongoing development. Going forward, Aviva will be the capacity provider for Ripe’s niche insurance products and services, which cater to the business, leisure and sports sectors, covering various activities including fishing, cycling and aerial drones.
Aviva has expressed an interest in forging partnerships with agile companies that are making use of technology to provide an adaptable, niche proposition. Paul Williams, Ripe’s Chief Executive, commented: “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.” He said that Aviva’s choice to seek a long-term capacity arrangement was ‘a credit to the team here and to our consistent underwriting performance’.
Phil Bayles, Managing Director of Intermediaries at Aviva, said that the insurer was delighted with the partnership: “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.”
Earlier this year, Ripe celebrated growing its policyholder base to 200,000 individuals. As of the end of 2017, it had enjoyed 10 consecutive years of annual revenue growth.