Supported by the government of Wales and using cutting-edge technology, insurance broker ActiveQuote will develop a new advisory system for its online insurance products.
The £2 million undertaking – with around £400,000 coming from the Welsh Government Growth and Prosperity Fund – will open up around 70 jobs in Wales. By utilising artificial intelligence, the new system aims to provide easier access and quicker comparisons, as well as more options for customers.
The financial technology firm, which started as a team of two in 2009, will see its headcount rise to around 190 with the expansion. In 2014, the Cardiff Bay company also received government support – worth £600,000 – to hire 74 people.
Economy Secretary Ken Skates said: “Three of the most prominent UK fintech companies – GoCompare, Confused.com, and MoneySupermarket.com – are indigenous companies headquartered in Wales, and ActiveQuote is a long-term partner of these Welsh business success stories.”
Skates also cited Wales’ growing reputation as a prime location for fintech, adding that “on a pan-European level, Wales is a key player and recognised as an exemplar for financial aggregator site technology.”
ActiveQuote managing director Rob Saunders said the new investment means the broker can realise its plans to create the next generation of insurance comparison. “This is a very exciting time in the world of fintech, and ActiveQuote aims to be at the forefront of these developments,” he said.
Saunders, who joined the company two months ago, commented: “We are very grateful to the Welsh Government for its continued support in what we are aiming to achieve at ActiveQuote.”
For Skates, ActiveQuote is a strategically important and valued member of the fintech cluster. He said the firm has seen significant growth by continually investing and innovating.
“I am pleased that Welsh Government support will ensure ActiveQuote continues to grow here in Wales,” noted Skates.
ActiveQuote is an independent insurance broker of health and protection insurance products. Its technology is also used by a number of price comparison websites in the UK.
Related stories:
Corporate insurers are closing the gap on insurtechs, says new global report
-cropped%20final.jpg)
