Company: Insure Apps Technology Limited
Founder(s): Stephen Marshall
Description: Insure Apps puts technology in the hands of the insurance customer to speed up claims process and drive down insurance costs.
When working as an Insurance Broker, a commercial motor client asked me “Surely there is a better way to report claims?”. Our business idea was born.
Founded in 2017 Insure Apps has become the UK market leader in providing claims app technology to brokers and end customers. The average reporting time for a commercial motor claim is 23 days and because of this, there is £100m of unnecessary credit hire charges in the UK.
Insure Apps puts technology in the hands of the insurance customer to speed up claims process and ultimately drive down insurance costs. Product development will continue at a pace, to maintain first mover advantage. As well as having a product that helps users in a moment of crisis, guiding them through what to do, they have a product that transforms reporting times and information quality. This radically impacts claims costs in the motor market but also works well with property and liability claims. Currently we have four people working in the business with the opportunity to employ considerably more in the future
We are working remotely while headquartered at our developer’s base in Dundee. We are fully endorsed by the British Insurance Broking Association (BIBA) This gives us access to their 2000+ members and adds further credibility in the British marketplace. Furthermore, Aviva, QBE and HDI are using our technology with corporate fleets as a risk management option. Our vision is to lead the UK insurance market, which is seen as the dominant market in the world and then use this position to springboard into a number of worldwide markets.
Our technology has demonstrated a 20% reduction in claims costs and can transform and transform day one reporting by moving some fleets from 22 days to less than one day! The ultimate aim is to become a “clearing house” for insurance claims data.
As with many businesses during Covid-19 sales have been affected. Q1 2021 has shown promise with 11 new customers in the sales process.
This year we intend to focus on the risk management module and an exciting API initiative with a customer who has over 500,000 vehicles under management, super charging our growth in the UK.
We are currently finalists in the Insurance Times Claims Awards and in the finals of Scottish edge with a price of £100,000 funding. If successful our plan is to invest in translating the app into foreign languages to help in the UK and international markets. We will also look to further invest in the back office, looking at data trends which will help in producing information which can reduce insurance costs, making insurance better, fairer and cheaper for everyone.