achieved strong double-digit growth in 2022, maintaining its 15-year record of consistent revenue rises.聽
Turnover climbed by 拢4 million to 拢27.2m in the 12 months ending 31st December 2022.聽聽
Over the course of the year, the Manchester-based firm added over 30,000 policyholders, increasing the total number to 315,000 across a range of leisure, lifestyle and SME insurance products. This strong organic growth allowed the company to remain profitable while increasing investment in proprietary technology, senior personnel, and new product development.聽
Ripe鈥檚 focus on expansion, increased capabilities and headcount meant that, in line with expectations, the firm鈥檚 gross profit margin slightly decreased from last year by 9%.聽聽聽聽
The company featured in 11th spot on our InsurTech 50 ranking last year.
InsurTech 50 – UK’s most innovative insurance technology creators for 2022
Ripe invested heavily in its technology during the last financial year as it prepared to expand into the SME market. The InsurTech鈥檚 new SME policy for hair and beauty professionals launched in June 2023, and there are plans to unveil additional products specifically targeting microbusinesses by the end of 2024.聽
Ripe also launched its Park Home insurance product in 2022, following the success of Ripe Caravans in 2020.聽聽聽聽
Ripe makes waves with first acquisition following private equity deal
Along with developing its proprietary tech platform to support the rollout of new products, Ripe has invested in a new technologies lab to progress its machine learning and automation capabilities. This was initiated by an enhanced knowledge transfer partnership with the University of Salford.聽
Meanwhile, it is incorporating speech analytics, biometric testing and large language models into day-to-day business operations to facilitate improved customer journeys and operational efficiencies.聽
Ripe continued to invest in personnel in 2022, leading to a 27% increase in headcount. Technology and marketing divisions now account for over half of Ripe鈥檚 employee base, reaffirming the firm鈥檚 focus on growth and agility. Investment from London and New York based Aquiline Capital Partners has enabled Ripe to pursue its ambitious growth strategy.聽聽
鈥淭his 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,鈥� said CFO Rob Styring.聽
鈥淭his year, we鈥檙e 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鈥檚 leading digital insurer.鈥�