The purchase signals White’s move into the home insurance sector
Insurer Freedom Services Group, owned and managed by Sam White, has today confirmed its acquisition of home insurance company Homelyfe for an undisclosed sum.
Homelyfe, founded in 2017 by Peter Goodman, provides home insurance via operating system Aventus, which was designed in-house by Goodman and the Homelyfe team to improve the customer experience of purchasing home insurance.
Under the terms of the deal, Homlyfe will continue to use Aventus’s insurance operating system after its sale to Freedom Services Group; this enables the firm to create policies and automatically quote and bind in less than a minute, using a minimal question set.
Freedom Services Group chief executive Sam White, who additionally runs managing general agent (MGA) Pukka, has been involved with both Homelyfe and insurtech Aventus since the organisations launched.
The acquisition forms part of Freedom Services Group’s strategic ambition to diversify its product lines, as well as to positively influence the consumer journey.
White said: “Homelyfe is a fantastic addition for our business, allowing us to move into the home insurance space using best of breed, not antiquated technology.
“Homelyfe is a tried and tested brand and thanks to Aventus, we can demonstrate a seamless buying experience that drives a competitive edge in today’s market.
“I have long been a supporter of Homelyfe and Aventus, and [I] look forward to strengthening my partnership with Peter as we work to revolutionise the insurance customer journey.”
Building the business
The transaction further enables Homelyfe founder Goodman to focus on scaling up Aventus – to this purpose, the insurtech secured £2.6m in its latest investment round, announced exclusively last week by Insurance Times.
Goodman, co-founder and chief executive at Aventus, added: “I started Homlyfe to reinvent the purchase of home insurance. By building our Aventus operating system, we have been able to achieve our aim of making the purchase of insurance fair and straightforward for customers.
“It’s now time to expand the Aventus customer base, and the sale of Homelyfe to Freedom will allow us to focus on strengthening and expanding the Aventus offering.
“There are many synergies between Homelyfe and the Freedom Group’s other brands, not least of which the fact that both businesses were formed with a customer-centric vision.
“Sam is a true visionary in the insurance market, and I have no doubt that in her hands, Homelyfe will thrive and continue to deliver on its promises.”
Subscribers read more