The Movo Investment Group, the investment arm for the Movo Group, has today announced a significant investment in the insurtech Durell, acquiring a 50% stake in the business.
Durell offers general insurance brokers and other intermediaries across both General Insurance and Life markets, a ‘complete software solution’: client and policy management is integrated with a full accounts package, client portal and office management tools. Over the last 10 years the business has also developed a full cycle multi-line schemes platform for intermediaries with delegated authority.
For Durell’s existing brokers the investment will create enhanced digital capabilities and they will benefit from Movo’s operational and compliance oversight of the system. Movo’s AR network members will benefit hugely from direct access to the schemes’ software, now incorporated as part of its network members’ package.
The investment will also see the creation and launch of Durell Schemes and Quote Portal, both expected to launch by the end of this year. Durell Schemes is a central resource that matches brokers with capacity providers – ensuring transparency between the parties to give them confidence to bring products to market quickly and efficiently. Quote Portal is a B2B marketplace that enables products, including schemes and niche lines of business, to be built and distributed quickly and broadly. The portal aims to bring as many products as possible into a single marketplace to make it quicker and simpler for brokers to obtain quotes. The portal will be open to any MGA looking to increase its distribution.
Lea Cheesbrough remains Managing Director of Movo Investment Group and Movo Partnership, and also now takes on the role of Commercial Business Development Director of Durell. She comments: “I’m thrilled to have completed this deal. Durell has a first-class tech proposition that gives intermediaries with delegated authority, across both General Insurance and Life markets, a very real competitive advantage. Independent brokers don’t always have the resources to take advantage of technology so working with Durell we can help our brokers embrace tech and be competitive in an increasingly online market. Movo already centralises and oversees compliance and operational best practice for its brokers so it’s a natural fit to add tech expertise to the network.
“Its front end is simple and easy to use, giving brokers as much or as little control as they prefer, but under the bonnet it has powerful software capabilities that will future proof technology for intermediaries and grow with them. The Durell Schemes and Quote Portal will sit alongside our other broker software house solutions, giving our members more options and a quick way of quoting from a wide choice of niche schemes. The technology has immense potential for our Group and the wider market.”
Tom White, Managing Director of Durell, comments: “We have been quietly successful – now with 180 brokers and over £400m GWP on our platform. We’re very proud of what we have built but now is the right time for us to make a step change – to bring our technology to a wider market and build on what we’ve done with schemes to develop a B2B community with Movo. Movo and Durrell brokers will get access to the marketplace and any existing and future products built on our platform will have that distribution at their fingertips. We’re delighted to be partnering with Movo and excited about the future.”
Tom White continues: “Our brokers’ independence is of vital importance to them, so we hadn’t originally considered a network as an investment partner; but Movo Investment Group has an established Life business which complements many of our brokers’ businesses. In addition the group houses Movo Partnership Ltd which isn’t like other networks – it is wholly aligned to our interests and committed to the growth of the independent broker market. Lea and her team are a force of nature; Lea has an infectious enthusiasm with boundless energy levels, together with a deep understanding of the broker market that we and our brokers will benefit from hugely. We’re extremely excited to have them on board.”