Hiscox’s Martin McBrearty and Direct Line Group’s Adam Whitely join insurtech Canopy’s board, as it plans for a “rapid growth cycle”
Deposit insurance service, Canopy (previously InsureStreet) has appointed a chairman and its board of directors and advisory board.
Rob Wirszycz will chair the board, having previous experience as a non-executive chairman and advisor to other businesses.
Joining the board is Direct Line Group director of household development and personal lines, Adam Whitely. Direct Line took a 15% stake in ‘Generation Rent’-targeted Canopy on 3 October.
Hiscox head of underwriting partnerships, Martin McBrearty will sit alongside Whitely, as well as senior figures from Round Hill Capital, Experian Ventures, Get Living and Yardi Systems.
Canopy now hopes to bring its proposition mainstream. To achieve this, it will target a “rapid growth cycle”, according to Wirszycz. In the future Canopy could have a profound impact on the UK rental market, Wirszycz suggested.
He commented: “Canopy has the potential to change the rental ecosystem in the UK and globally. The support we have received so far from all stakeholders is terrific and I have no doubt that this business will succeed in its mission.”
By offering an insurance model in place of a deposit scheme to renters moving into a new home, Canopy chief executive and founder Tahir Farooqui aims to give ‘Generation Rent’ a “better experience.”
Its ‘RentPassport’ feature builds a picture of a renter for a landlord by compiling a user’s rent and credit history. For example, if a user pays their rent through Canopy’s app on time then it will boost their trust score.
Canopy’s website boasts that by building up their Canopy “trust scores”, renters could save “up to 95%” on their deposits.