VIPR, which builds delegated authority solutions for the insurance sector, has received an investment from UK private equity firm Tenzing.
This fresh capital will be used to help VIPR with the next phase of its growth strategy in the UK.
The company claims its clients include more than 50% of the Lloyd’s managing agents and processes around £10bn GWP annually. With the funds, VIPR will continue to support the Lloyd’s market but it will also be exploring other opportunities for clients including brokers, other insurers and international markets.
VIPR CEO Paul Templar said, “Delegated Authority business plays a hugely important role in the insurance sector and VIPR is already well established as the Delegated Authority experts within the London market. We are thrilled that Tenzing has recognised our leadership position and this investment and partnership will assist us in continuing to grow our UK presence and expanding our international footprint.”
VIPR offers insurers delegated authority solutions, which include a selection of products to support bordereaux processing and management, Coverholder management, data and reporting management, and more.
Its tools enable clients to add more data fields in-house, enhance validations, improve data analytics and facilitate MI reporting.
The InsurTech has witnessed a 30% growth over the past year.
VIPR COO Stewart Williams said, “This is a tremendous strategic development for us. Our products are already being used very successfully and globally across the insurance sector, including Company Market Carriers, Lloyd’s Managing Agents, Brokers, MGUs, and MGAs, both live and in run-off.
“We also have some fantastic product developments in the pipeline, which we will be announcing soon.
“Recent independent market surveys have positioned us at the top of our market in terms of client satisfaction. This, however, is just the start for us. With Tenzing’s backing, we will be able to develop our systems and services to deliver unparalleled efficiencies and opportunities to our business partners.”
Tenzing invests into businesses valued between £10m and £100m.
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