Ripe Thinking, has released its annual figures, this morning with turnover rising 24% to £23.3m.
The Manchester-based insurtech said that last year was a pivotal one for the business, particularly given the majority stake acquired by Aquiline Capital Partners in November.
During the period staff numbers increased from 77 to 102, including further growth across its tech and digital marketing teams.
“Our model has been resilient through the economic challenges of the past two years, and we maintained our trajectory through the pandemic. We have a clear route for long term growth and the ability to deliver consistently strong profits. Couple this with our ethos to digitally transform the insurance sector and the technology in place to deliver it, and we are primed for our next bold phase of development,” said Paul Williams ACII, CEO of Ripe Thinking.
“We think differently at Ripe, for us it is all about ‘hyper-targeting’ and using the power of our AI-assisted Juice platform to push the limits of product deployment in the industry. There are big plans underway, and our talented team are fundamental to our growth into new markets and the launch of new products.”
The company’s cloud-based underwriting and insurance distribution platform – known as Juice – is being used for its own products as well as being a white label solution for partners.
It said it was now developing AI and machine learning within the insurance sector, with robotics and data analytics a key area of focus. This is being supported by a Knowledge Transfer Partnership with the University of Salford.
