PriyaPatel
TLDR:
- InsurTech startup blip has launched affordable business insurance for small enterprises in the UK market.
- The company offers cost-effective coverage through a profit-sharing model and operates digitally.
Full Article:
Blip, a new InsurTech startup, has recently entered the UK market with a focus on providing affordable business insurance tailored for small enterprises. The company aims to address the growing need for accessible and transparent insurance solutions for small businesses by simplifying the process and fostering a sense of community and financial empowerment.
At the core of blip’s offering is a pioneering profit-sharing model, where the firm returns up to 10% of total policy premiums to policyholders. This not only ensures cost-effective coverage but also promotes collaboration among its members. Blip operates as a fully digital insurance provider, leveraging technology to streamline processes and enhance user experience.
Blip has partnered with European insurer Wakam to integrate cutting-edge technology solutions into its proprietary distribution website. This collaboration aims to provide competitively priced and easily comprehensible small business insurance policies, with lengths less than half that of competitors. Additionally, the company is set to collaborate with specialist insurance provider incubator Pro MGA Global Solutions to ensure regulatory compliance.
Gary Ross, the Founder & CEO of blip, emphasizes the company’s focus on cutting costs and passing on savings to policyholders through the profit-sharing model, aiming to rebuild trust between policyholder and provider. By building a community of like-minded small business owners, blip provides tools to help businesses succeed and grow.
The partnership with renowned global claims services provider McLarens will offer cross-class Third Party Administration (TPA) and loss adjusting services. The company aims to drive high-quality claims journeys, providing policyholders with direct contact with adjusters and visibility throughout the claim process.
In conclusion, blip’s entry into the UK market represents a new way to approach insurance, focusing on empowering small businesses, offering transparency, and building a collaborative community for policyholders.
