In a sign of serious intent, UK insurance start-up Gryphon has announced its entry to the market in style having picked up £180 million from investors.
Even though the industry is currently packed with new, tech-driven arrivals, few have boasted the size of this newcomer – according to CB Insights the single biggest funding previously was for $60 million.
However, Gryphon believes it can use the funds to “maximise the potential of insurtech” and will be targeting life and critical illness insurance policies, according to a Financial Times report.
Speaking to the publication, Daniel Pender, who runs the firm and is a former executive at both
Zurich and Prudential, outlined that the company will sell via financial advisors and not directly to consumers noting that “advisers do a fantastic job.”
He believes that its technology and products will separate it from other market offerings – but has yet to reveal what that technology includes.
Among the firms backers are Leadenhall Capital, a specialist insurance asset manager, and pensions adviser Punter Southall.
“We conceived the idea 18 months ago and we believe we are progressing well with the regulator,” Pender told the publication. “We feel very confident about where we are at.
“We have secured our financing. We believe that a fundraising of this size puts us in a strong place as a new business.”
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