UK insurtech, Ripe, achieved strong double-digit growth in 2022, maintaining its 15 year record of consistent revenue rises.
Turnover climbed by £4 million to £27.2 million in the 12 months ending 31 December 2022, compared with £23.3 million in 2021.
Over the course of the year, the Manchester-based company added more than 30,000 policyholders, increasing the total number to 315,000 across a range of leisure, lifestyle and SME insurance products.
This strong organic growth allowed the company to remain profitable while increasing investment in proprietary technology, senior personnel, and new product development.
Ripe’s focus on expansion, increased capabilities and headcount meant that, in line with expectations, the firm’s gross profit margin slightly decreased from last year by 9%.
Ripe invested heavily in its technology during the last financial year as it prepared to expand into the SME market.
The insurtech’s new SME policy for hair and beauty professionals launched in June 2023, and there are plans to unveil additional products specifically targeting microbusinesses by the end of 2024. Ripe also launched its Park Home insurance product in 2022, following the success of Ripe Caravans in 2020.
Along with developing its proprietary tech platform to support the rollout of new products, Ripe has invested in a new technologies lab to progress its machine learning and automation capabilities. This was initiated by an enhanced knowledge transfer partnership with the University of Salford.
Meanwhile, it is incorporating speech analytics, biometric testing and large language models into day-to-day business operations to facilitate improved customer journeys and operational efficiencies.
The insurtech continued to invest in personnel in 2022, leading to a 27% increase in headcount. Technology and marketing divisions now account for over half of Ripe’s employee base, reaffirming the firm’s focus on growth and agility. Investment from London and New York based Aquiline Capital Partners has enabled Ripe to pursue its ambitious growth strategy.
Rob Styring, chief financial officer at Ripe, said: “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.
“This year, we’re continuing to prioritise innovation and strategic growth. We will continue scaling the business, building on an already strong product portfolio, to cement Ripe as the UK’s leading digital insurer.”
