Insurtech disruptor Homelyfe has been ranked in the country’s top 100 fast-growth potential new businesses; the only insurance company selected as a winner.
Startups 100 2018, the definitive index of Britain’s best and brightest start-up companies, has ranked Homelyfe #71 for demonstrating innovation, economic impact, and the ability to scale.
Homelyfe was founded in 2016 by serial entrepreneurs Peter Goodman and Andrew Craven, who launched the end-to-end proprietary insurtech platform in October 2017. Their previous successes include Brighter Option (which became Social.com), the world’s largest Facebook ads management platform. Social.com is now owned by Salesforce, after they acquired Buddy Media for $745 million in 2012.
Goodman and Craven had found that one of the most frustrating and time-consuming things about buying insurance is answering the complex questions that no-one knows the answers to, like whether your locks conform to BS3621. So, they built Homelyfe to simplify insurance and only ask the important questions that really matter; like your age, property and claims history. Homelyfe then streamlines the rest with their digital buy flow; integrating public records and external databases to pre-populate answers and save the customer time and hassle. As you answer questions, their technology determines the follow up questions, so that you are only ever answering things that are relevant to you, and can be assured of getting the right cover, for the right price, in seconds.
Having raised £2.4m in seed funding in 2017, Homelyfe recently launched its first-to-market API offering, allowing partners such as challenger banks, Open Banking API platforms, financial advisers, retailers and brokers to offer the services or products to their customers. The frictionless insurance buying experience has led to a 50% conversion rate on their most popular policy type; significantly higher than the industry average. This enables Homelyfe partners to cross-sell via automated personalised marketing at speed, and without expense or costly management.
CEO Goodman said “We’re delighted to be recognised in the Startups 100 2018. Homelyfe is the insurance partner of the digital age, offering partners the chance to create risk-free income by monetizing their customer-base with our first-to-market API whitelabel solution and innovative partnerships.”