A new digital insurance provider called “blip” has been launched in the UK.
Backed by European insurer Wakam and specialist incubator Pro MGA Global Solutions, the insurtech startup aims to provide affordable and easy-to-understand small business insurance. The newcomer is also partnered with claims services provider McLarens.
Founded by chief executive Gary Ross, blip features a profit-sharing model, which will see it return as much as 10% of its total policy premiums to policyholders.
“We are using our digital-first platform to cut costs and pass on the savings to our policyholders through our profit-sharing model,” Ross noted in an emailed release. “We want to empower our customers and build back trust between policyholder and provider through greater transparency and sharing in the profits.
“Exceptional service is a given. We are taking insurance back to first principles, where the losses of the few are paid by the premiums of the many… The UK is facing a cost-of-living crisis, and small businesses are being pressured by rising inflation and interest rates, so there is a need to get more from your insurance.”
Additionally, small business owners with a blip policy will have access to fellow policyholders and the ability to engage with each other via blip’s platform, allowing them to share information and opportunities and to succeed and grow together as a community.
“We are excited to be supporting the launch of blip’s digital-first insurance platform in the UK,” commented Pro chief executive Danny Maleary. “Digital transformation is putting the need for the insurance industry to think more about its end users firmly under the spotlight, and that’s exactly what blip is looking to achieve for the small business market.
“There is strong growth potential for blip, and I’m confident the talented team there will take the business from strength to strength with this customer-centric strategy.”
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