Short-term car insurance provider Cuvva has experienced a record year of growth, with profits tripling to 拢12.8m in 2024.聽
The London-based firm also saw turnover grow to 拢27.4m as it continued to invest in product innovation, infrastructure and automation at scale.
The by-the-hour car insurance app reached profitability in 2023 and now has more than 5m downloads on its platform, with nearly a third of UK drivers aged between 21-29 having installed Cuvva.聽
鈥淲e鈥檝e taken the time to build an exceptional platform with sophisticated tech at the heart of it,鈥� said Freddy Macnamara, CEO at Cuvva.
鈥淐ombined with cost discipline throughout 2024, we were able to scale efficiently, while maintaining strong profitability.聽
鈥淥ur core proprietary technology built in-house and our strong foundations gives us the flexibility to adapt quickly.聽
鈥淲e can build and scale new products and automate things easily. Continuously expanding to wider audiences with new offerings, cost-effectively serving our customers鈥� needs better, without adding headcount. These efficiencies continue to improve our long-term profitability.鈥澛�
Ripe marks 17th year of consecutive growth as ARR hits juicy 拢21m
Utilising technology, Cuvva has automated the majority of the business, having developed its own in-house chat and claims bots, as well as fraud detection.聽聽
These AI-powered operation systems drove a 90% drop in support interactions per 1,000 customers since January 2022.
A team of under 20 people managed around a quarter of a million chats, while the Cuvva chat bot completed approximately 2 million verification and fraud checks in 2024, in half the average response time as the year prior.
The business now has 拢17m in the bank and anticipates a year of accelerating profitable growth in 2025.