Rob Styring (top left)/Ripe
Insurtech Ripe reports 17% year-on-year growth
Maintaining profitability, Ripe added 30,000 new policyholders in 2022
UK-based Ripe has maintained its run of 15 years of consistent revenue rises with 17 per cent year-on-year growth.
The insurtech, founded in 1997, saw turnover increase by £4m to £27.2m in 2022 compared to 2021, with policyholders increasing by 12 per cent to 315,000 over the same time period.
30,000 policyholders joined the Manchester-based insurtech over the course of the year across a range of leisure, lifestyle and SME insurance products.
“This is a strong set of results, demonstrating that we can continue to be profitable, while investing significantly in the long-term growth of the business,” Ripe chief financial officer Rob Styring said.
“This year, we’re continuing to prioritise innovation and strategic growth. We will continue scaling the business, building on an already strong product portfolio, to cement Ripe as the UK’s leading digital insurer.”
The company remained profitable in 2022, but saw a nine per cent decrease in its gross profit margin as it focused on growing its investment in proprietary technology, new hires and product development.
It said it invested heavily in technology over the last financial year as it prepared to expand into the SME market, with new SME policies launching in June this year and further plans to launch additional products by the end of next year.
Ripe also increased its headcount by 27 per cent in 2022, leading to its technology and marketing divisions now making up over half of its employee base.