Insurtech Urban Jungle has been listed this week as ‘one to watch’ in the Startups100, an annual list of the UK’s most successful startups. The company, which provides low-cost insurance to ‘Generation Rent’, was described as a ‘modern, millennial-focussed insurance broker… with money in the bank and a forward-thinking approach.’
CEO Jimmy Williams says being listed shows they’re doing something different – in a good way. “The traditional insurance industry is still working on the models of 30 years ago,” he says.
“We are doing things differently, putting customers first, making things transparent, constantly improving and creating a company that is responsible to both customers and the environment.”
Being a startup in the insurance industry is not easy, notes Williams. “This is a very traditional and heavily regulated sector so it was really tough to break into – there was a mountain of paperwork and regulations to get through.”
Run by Startups.co.uk,the Startups 100 offers a showcase of new businesses which demonstrate innovation, solid financials, economic impact, and the ability to scale. The longest running annual index of its kind, it ranks the country’s top 100 fast-growth new UK businesses launched in the last five years.
Insurance companies and ethics aren’t always mentioned in the same sentence, notes the write-up by Startups, describing Urban Jungle as taking a different approach.
“Led by its core values of transparency, responsibility, disruption, and a steadfast customer-focus, Urban Jungle is dragging the industry forward in more ways than one”, it says.
Since 2016, the Kennington-based business has raised £6.2 million in funding, including a recent funding round which was completed during the pandemic.
While the lockdown has altered the types of enquiries Urban Jungle receives, the company has stayed strong. “Despite the lockdown, our business has remained robust,” notes Williams, “although the nature of claims has changed.
“There have been fewer phones stolen or lost as people aren’t going out much. But there’s been a lot more tea and coffee spilt on laptops.”
Williams says the listing will be very helpful as it grows and seeks to recruit talent. “It’s great to be recognised in the Startups 100, which is testament to the amazing work that the team have been doing over the last year.
“We know that people look at lists like this when they are looking at places to work, or companies to work with, so it’s also very helpful in terms of getting the Urban Jungle name out there.”