It is the insurtechs twelfth consecutive year that it has reported a rise in its financial results
Manchester-based specialist broker insurtech Ripe Thinking has today reported a 16% increase in its revenue for 2019 in its financial results.
It delivered record revenues of £15.043m for the year ending 31 December 2019.
This is compared to £12, 975m for the previous year, where Ripe also reported a 16% rise in turnover for 2018.
Therefore this marks the twelfth consecutive year that the insurtech has posted a rise, in addition to this for the past five years it has reported an average annual revenue of over 20%.
Colin Whitehead, executive chairman at Ripe Thinking, said: “We are very pleased to have delivered growth across our business metrics in what is a tough, competitive market. The results demonstrate the strength of our marketing and data driven model that puts the customer at the forefront of everything we do.
“We’ve continued to invest in the latest technologies to allow customers to get a quote fast and buy all of our products through conversion optimised, mobile-enabled e-commerce websites.”
Ripe put its business continuity protocols into action from mid-March 2020 during the UK’s nationwide lockdown to mitigate the spread of coronavirus.
Whitehead added: “Since the onset of the pandemic, our attention has been on addressing the impact on our staff, customers and partners.
”We’re confident we can withstand the current disruption. Our figures so far in 2020 are promising and show the resilience of both our business model and our policyholders.”
Ripe’s trading performance for H1 2020 remained ahead of budget and continued to deliver monthly trading figures at policyholder revenue and EBITDA levels.
Its underlying EBITDA rose by 41% to £2.52m, up from £1.79m in 2018.
Ripe also surpassed the 225,000 mark with policyholder numbers. This, it said, makes it one of the UK’s largest niche insurtechs.
Meanwhile, in 2019, a further £445,000 was invested in Research & Development and its staff headcount grew by 6% from 61 to 65 members.
Ripe recently launched a bespoke multi-million-pound technology platform called ‘Juice’.
The cloud-based platform was designed in-house and took two years to build. The insurtech created it to flexible enough to scale and deliver its growth strategy.
Meanwhile 2019 saw all Ripe products experience growth as the firm expanded its offerings as a response to customer needs.
In the last twelve months the insurtech has launched two new products for the UK’s leisure market – Touring Caravans and Ripe Insurance for Static Caravans.
These products are underwritten by Aviva who became Ripe’s long term capacity partner in 2019.