The Movo Group, through its investment arm, has acquired a 50% stake in Somerset-based insurtech Durell.
Durell provides software for insurance brokers and other intermediaries across both general and life insurance markets. Its products combine client and policy management with a full accounts package, client portal and office management tools. Over the last 10 years, Durell also developed a full-cycle multi-line schemes platform for intermediaries with delegated authority.
According to Movo, the investment will create enhanced digital capabilities for Durell’s existing brokers, allowing them to benefit from Movo’s operational and compliance oversight of the system. Movo also said its appointed representative network members will benefit 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 before the end of the 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. Movo said the portal will aim to bring as many products as possible into a single marketplace to make it quicker and simpler for brokers to obtain quotes. It will be open to any MGA looking to increase its distribution.
Lea Cheesbrough (pictured above) will remain managing director of Movo Investment Group and Movo Partnership, and she will take on the role of commercial business development director at Durell.
“I’m thrilled to have completed this deal,” Cheesbrough said. “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.”
“We have been quietly successful – now with 180 brokers and over £400 million GWP on our platform,” said Tom White, managing director of Durell. “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.”
