Roamly, the insurtech for embedded insurance in the travel and enthusiast market, announced that it has booked more than $40 million in premium over the last 12 months. This milestone follows a year during which Roamly brought its new Pro and Personal products out of beta and saw sales accelerate by more than 222% in booked premiums for its new RV product suite.
The Roamly Pro product features commercial RV insurance for businesses, and the Roamly Personal product includes RV insurance for individual RV owners and those wanting to list and rent their RV in the marketplace economy.
Roamly enables marketplaces to embed and offer a broad array of insurance products – such as rental insurance, trip and travel insurance, and pet insurance, among other offerings – directly to customers through simple booking flows. Additionally, the insurtech markets personal and professional insurance products to peer-to-peer and marketplace businesses.
“Following a year of incredible growth, we are delighted to have crossed this major milestone,” says Aaron Ammar, Roamly’s Chief Insurance Officer. “The demand we’ve seen play out over this past year tells a story we’ve heard time and time again — that customers want easy-to-access coverage and protection for travel. Roamly is helping professional RV rental operators and consumers sell and purchase insurance products through simple embedding tools, allowing us to place the most optimal products for all users directly at the customer’s fingertips.”
Roamly’s growth coincides with the skyrocketing appeal of the RV market. The RV Industry Association recently announced that RV shipments in the U.S. are expected to exceed 600,000 units in 2022, marking another record-breaking year for the industry. The growth in RV purchases, Ammar estimates, could generate more than $10 billion in RV loans in 2022, with each vehicle requiring insurance coverage.
In 2021, Roamly expanded partnerships with global brands, including Sirius Point, Hippo-owned insurance solutions provider Spinnaker, Crum & Forster, Apollo, and IMG. Roamly also continued the aggressive rollout of its new Pro and Personal product lines across the U.S., and expects to have full coverage in the U.S. by the end of 2022.
Over the last six years, Roamly has seen annual growth at 295%. The company is expecting its growth trajectory to continue accelerating as the pandemic wanes and travelers start booking trips again, albeit with a strong desire to protect their trips against the unexpected.
“I am incredibly proud of the global team at Roamly and what we’re able to provide to businesses and consumers through our technology and product suite,” says Roamly CEO Jeff Cavins. “In the last year, our platform has delivered amazing service to our customers. It’s exceeded our expectations.”