Ripe secures 17% revenue growth in 2022

Manchester-based insurtech Ripe grew its revenue by 17% in 2022 after increasing its customer base during the year.

In a statement released yesterday (28 September 2023), the insurtech said it achieved a turnover of £27.2m in the 12 months to December 2022, up £4m from 2021.

It came after Ripe secured more than 30,000 new policyholders during the year, increasing the total number to 315,000 across a range of leisure, lifestyle and small and medium sized enterprise (SME) insurance products.

Ripe said growing the business allowed it to remain profitable while increasing investment in proprietary technology and new product development.

“This is a strong set of results, demonstrating that we can continue to be profitable, while investing significantly in the long-term growth of the business,” Rob Styring, chief financial officer at Ripe, said.

Investment

Along with developing its technology platform to support the rollout of new products, Ripe also invested in a new technologies lab to progress its machine learning and automation capabilities.

The insurtech also continued to invest in personnel in 2022, increasing its headcount by 27% during the year.

As a result, the firm launched a new SME policy for hair and beauty professionals in June 2023 and Park Home insurance product in 2022.

And following its growth, the firm is planning to unveil additional products specifically targeting microbusinesses by the end of 2024.

”This year, we’re continuing to prioritise innovation and strategic growth,” Styring said.

”We will continue scaling the business, building on an already strong product portfolio, to cement Ripe as the UK’s leading digital insurer.”