InsurTech has reported a 16 per cent increase in turnover for 2018.
For the year ending 31st December 2018, the Manchester-based company reported revenues of 拢13million compared to 拢11.2m the year before.
It marks Ripe鈥檚 11th consecutive year of growth. Trading EBITDA rose to 拢2.13m from 拢2.05m in 2017.
鈥淲e are delighted with the metrics by which we run our business that have seen us record consistent growth over the years,鈥� said executive chairman Colin Whitehead.
鈥淭o increase our EBITDA when we鈥檙e growing rapidly and reinvesting in all departments is a credit to the whole team here at Ripe.
鈥淥ur fast and easy online experience is second-to-none in the sector, meeting the needs of an increasingly tech-savvy audience.
鈥淪itting alongside this tech approach, we make sure price, customer service and simplicity of purchase remain at the forefront of everything we do.
鈥淚t is this strategy that has built us a strong and loyal customer base that trusts the Ripe brand.鈥�
Disrupting the insurance sector with its agile tech approach, Ripe has increased its policyholder numbers, invested significantly in staff and R&D and entered into a five-year partnership with the UK鈥檚 largest general insurer, Aviva.
Under the agreement, Aviva became the capacity provider for the majority of Ripe鈥檚 niche insurance products in the sport, leisure and business sectors.
Aviva will help Ripe accelerate their product pipeline and open up new opportunities for distributing Ripe products through Aviva channels.
Ripe鈥檚 policyholders numbers have grown to 205,000, making the company one of the largest InsurTech companies in the UK.