It follows news of a five-year capacity deal with Aviva
Ripe Thinking reported a 16% rise in turnover for 2018, with revenue hitting £13m up from £11.2m the year before.
The Manchester-based insurtech marked 2018 as its eleventh year of consecutive growth, and reported trading EBITDA rising to £2.13million from £2.05m in 2017.
It increased its number of policyholders to 205,000 and the company revealed it is looking to expand its current 12-strong product portfolio, with three more products in the pipeline.
The results follow the insurtech announcing that it had signed a five-year capacity deal with Aviva. The insurer became the capacity provider for the majority of Ripe’s niche insurance products in the sport, leisure and business sectors.
The insurtech’s staff numbers increased by 17% with the current figure at 61. It also invested further in IT development and digital marketing teams. This included it hiring a new chief information officer, a data analyst and a head of underwriting.
Colin Whitehead, executive chairman at Ripe Thinking, said: “We are delighted with the metrics by which we run our business that have seen us record consistent growth over the years. To increase our EBITDA when we’re growing rapidly and reinvesting in all departments is a credit to the whole team here at Ripe.
“Our fast and easy online experience is second-to-none in the sector, meeting the needs of an increasingly tech-savvy audience. Sitting alongside this tech approach, we make sure price, customer service and simplicity of purchase remain at the forefront of everything we do. It is this strategy that has built us a strong and loyal customer base that trusts the Ripe brand.”
In addition, over £300,000 was invested in research and development, which Ripe reported was to improve the customer experience and use new technology to drive efficiency.
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