Company: Tapoly Ltd
Founder(s): Janthana Kaenprakhamroy and Sam Hopkins
Website: https://www.tapoly.com/
Description: Tapoly is an award-winning MGA and SaaS provider disrupting the insurance industry.
Traditionally, insurance is a siloed business reliant on legacy systems. This can make it difficult for the rapidly growing gig economy to access flexible and fairly priced insurance cover and cause data sharing issues.
To address this, Tapoly uses emerging technology such as AI, ML and APIs to provide a full stack of commercial lines tailored for micro SMEs and freelancers with a quick and accurate quote-and-buy process. In addition, Tapoly build wholesale and retail SaaS solutions to improve data quality/quantity, communication and automation making for a smoother customer experience and a stronger insurer/intermediary relationship with less manual processing.
The global pandemic has been challenging for businesses across the globe, but it has served to prove the importance of digital transformation in insurance. When Tapoly instantly had to pivot to home working, traditional insurers who had been resistant to new technology did not have cloud storage or the automation in place to deal with customer queries when no-one is at the centralised office. This proves the importance of the company’s SaaS offering.
As a digital MGA using technology to embed automation throughout the customer journey, Tapoly were able to continue delivering quality customer service without delays. Because of their dual offering, when Tapoly were faced by insurance capacity issues due to the pandemic and hard market, the company were able to focus on growing the SaaS side of the business.
Despite the pandemic, Tapoly maintained a monthly growth rate of 7% and 200% annually. The company have new products launched and exciting POCs (Proof of Concepts) with well established corporations coming up this year, and are raising £2m in funding (with 60% already committed) to support these initiatives.
