Uinsure announces strong results with 33.5% growth in Q1
By Tom Gibson
Insurtech firm, Uinsure, has announced strong initial results in the first phase of 2021, with 33.5% sales growth in the opening quarter.
The results are the latest piece of good news for the B2B insurtech firm, which was, this weekend, announced as one of the businesses on the Sunday Times BDO Profit Track 100 league table, which ranks Britain’s 100 private companies with the fastest-growing profits over their latest three years.
The strong financial performance comes directly as a result of innovative work by the company to reshape how advisers offer insurance to customers in the homebuying process.
What has traditionally been a lengthy insurance process, which included numerous, detailed questions and could take anything from 20- 30 minutes to complete, has been whittled down to three questions to get a quote in 20 seconds and apply via a new Adviser Platform in under a minute.
The launch of the platform, coupled with the mortgage market stimulation driven by the stamp-duty holiday, has allowed the Manchester-based firm to go from strength to strength despite the challenges Covid has put on virtually every sector.
Uinsure’s Chief Commercial Officer, Martin Schultheiss, commented: “The strong start we’ve been able to enjoy in 2021 is a direct result of the innovation and creativity shown by the Uinsure team to completely remove the complexity behind offering insurance.
“Our strong start is also as a result of the incredible relationships we hold with our key partners and advisers, who have been able to turn around such a high volume of mortgages to meet current demand.
“We’ve also welcomed new advisory firms as a result of our new technology and, as with all of our existing relationships we will continually take their feedback on board to ultimately make our product offering, and platform, better.
“Hopefully, as lockdown eases through 2021, our tech can help customers and advisers get back to enjoying some of the better things in life.”