Insurance disruptor
Ensurance Ltd. has announced growth across all key metrics of its business with group operating revenue rising by 13 per cent, from $2,650,000 in FY15 to $3,012,554 this fiscal year.
The result reflects Ensurance’s market share gain, particularly in its underwriting and white label businesses.
In a statement, it was reported that revenue from the Ensurance Underwriting Agency has skyrocketed 126 per cent to $424,187 in FY16, as the number of policies written per month has grown to nearly 500 through more than 400 registered intermediaries.
Meanwhile, the company’s White Label Partner Platforms has seen an increase in customer reach to nearly one million as the company secured an additional 12 white label clients.
Ensurance is expecting this growth momentum for both businesses to accelerate in FY17, due in part to a number of strategic partnerships it formed in recent months, including the agreement with Compare the Market, which will allow the company to sell Ensurance-branded home and contents policies through the insurance comparison website. Ensure revealed that it is also close to signing up new white label clients.
Stefan Hicks, Ensurance managing director, said: “The growth we have experienced in FY16 shows that our strategy to disrupt the insurance market is paying off. We’ve only just scratched the surface in what we can achieve with our highly scalable and innovative platforms, which are readily deployable to international markets in Asia and Europe.”
“Now that we’ve laid the groundwork for growth, we anticipate that we will be announcing a number of significant developments in the near term.”
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