Company: Urban Jungle Insurance
Founder(s): Jimmy Williams & Greg Smyth
Description: Urban Jungle is a fully digital insurance company that is focused on making the insurance industry fair.
About Urban Jungle Insurance
Urban Jungle is a fully digital insurance company that is focused on making the insurance industry fair (finally!). They’re doing this by using technology and data science to change the way fraud is screened for, allowing them to make insurance more accessible for genuine customers, whilst also helping them get a better deal.
They launched in 2016 because they knew the insurance industry is confusing, outdated, and filled with bad habits – and they decided they should fix it. This has meant taking a stand against sneaky practices like price walking, hidden fees and interest charges, and giving the customer a whole lot more respect. With the insurance industry being based around these as “traditional” parts of the business, it hasn’t been easy teaching an old dog new tricks!
To keep the customer at the core of everything they do, they’ve made sure policies are simple and easy to understand. They know people are busy, so products are designed to be purchased quickly and managed entirely online – letting people get in, sort their insurance, and get on with their lives.
Their first product was Contents Insurance for renters, a group that, despite accounting for 40% of UK households, has traditionally been seen as “hard to serve”, leaving a third of households uninsured and vulnerable to financial shocks. This shocked them and they knew it needed to change, so they designed a product just for them.
Since launching their own label products in 2019, they’ve grown to be one of the leading insurance brands in the UK for both renters and homeowners, having reached over 100,000 customers. All the while they’ve made sure customer experience stays strong, maintaining an “Excellent” Trustpilot rating from over 5,000 reviews.
Earlier in the year, they closed a £16.5m funding round, bringing them up to a total of £32m raised. Growth is always on their minds, and this funding is a huge step in the right direction. Their long-term aim is to be the number one insurance provider in the UK and beyond. In the next year, they’re looking into new markets and products and are aiming to double their customer base – all whilst adding 100 new roles to their 50-strong team!