Insurtech startup blip officially launched in the UK earlier this week, looking to offer affordable business insurance for small businesses, amid difficult macroeconomic conditions.
As prices, bills, interest rates and everything else in between become more expensive, blip is hoping to support small businesses by offering fairly priced and transparent insurance policies. To this end, blip will look to provide a platform for small business owners to engage and support one another, by exchanging knowledge and expertise within a like-minded community.
As a fully digital insurance provider, blip also plans to return up to 10 per cent of its total policy premiums to its policyholders through a profit share model, enabling its members to save money, share in profits and benefit from a growth-focused online business community.
blip is also partnering with European insurer Wakam, integrating a fully stacked technology solution to blip’s proprietary distribution website to provide competitively priced and easy-to-understand small business insurance, with policies less than half the written length of competitors.
Gary Ross, founder and CEO of blip, commented: “We are using our digital-first platform to cut costs and pass on the savings to our policyholders through our profit-sharing model.
“We want to empower our customers and build back trust between policyholders and providers through greater transparency and sharing in the profits. Exceptional service is a given. We are taking insurance back to first principles, where the losses of the few are paid by the premiums of the many.
“blip is a new way to think about insurance that does more than just protect your business. The UK is facing a cost-of-living crisis and small businesses are being pressured by rising inflation and interest rates so there is a need to get more from your insurance. Building a community of like-minded small business owners, blip provides tools to help you succeed and grow.”
Key partnerships
Pro MGA Global Solution, a specialist incubator of insurance providers is working with blip, to facilitate its compliance and regulated environment. Danny Maleary, CEO at Pro, commented “We are excited to be supporting the launch of blip’s digital-first insurance platform in the UK.
“Digital transformation is putting the need for the insurance industry to think more about its end users firmly under the spotlight and that’s exactly what blip is looking to achieve for the small business market. There is strong growth potential for blip and I’m confident the talented team there will take the business from strength to strength with this customer-centric strategy.”
blip is also working with McLarens, a global claims services provider sharing blip’s focus on delivering quality outcomes for clients, to provide cross-class third-party administration and loss-adjusting services.
Jason O’Sullivan, head of global TPA development at McLarens, explained: “Claims are the shop window of insurance and it’s crucial they are handled in a way that mitigates risk, reduces costs, and meets customer needs. blip’s proprietary software supports this approach, driving high-quality claims journeys, and allowing policyholders to contact an adjuster directly and have visibility throughout the claim journey. We’re delighted to be partnering with the blip team to support the SME market.”
