blip, an InsurTech startup, has launched into the UK market, introducing affordable business insurance tailored for small enterprises.
The impetus behind blip’s new offering lies in the growing need for accessible and transparent insurance solutions for small businesses. Recognising the challenges faced by entrepreneurs in navigating insurance complexities, blip endeavours to simplify the process while fostering a sense of community and financial empowerment.
With a pioneering profit-sharing model at its core, the firm aims to redefine how businesses perceive and interact with insurance.
The company operates as a fully digital insurance provider, leveraging technology to streamline processes and enhance user experience.
By returning up to 10% of total policy premiums to policyholders through a profit-sharing model, blip not only offers cost-effective coverage but also fosters a collaborative environment among its members.
Partnering with European insurer Wakam, blip integrates cutting-edge technology solutions into its proprietary distribution website. This collaboration ensures competitively priced and easily comprehensible small business insurance policies, with lengths less than half that of competitors.
Specialist insurance provider incubator Pro MGA Global Solution is also set to collabrate with blip, aiding in ensuring the firm’s adherence to regulatory standards and compliance.
Additionally, blip is set to work with McLarens, a renowned global claims services provider that will offer cross-class Third Party Administration (TPA) and loss adjusting services.
Gary Ross, Founder & CEO blip stated, “We are using our digital-first platform to cut costs and pass on the savings to our policy holders through our profit-sharing model. We want to empower our customers and build back trust between policyholder and provider through greater transparency and sharing in the profits. Exceptional service is a given. We are taking insurance back to first principles, where the losses of the few are paid by the premiums of the many.”
“blip is a new way to think about insurance that does more than just protect your business. The UK is facing a cost-of-living crisis and small businesses are being pressured by rising inflation and interest rates so there is a need to get more from your insurance. Building a community of like-minded small business owners, blip provides tools to help you succeed and grow,” he continued.
Danny Maleary, CEO at Pro added, “We are excited to be supporting the launch of blip’s digital-first insurance platform in the UK. Digital transformation is putting the need for the insurance industry to think more about its end users firmly under the spotlight and that’s exactly what blip is looking to achieve for the small business market. There is strong growth potential for blip and I’m confident the talented team there will take the business from strength to strength with this customer centric strategy”.
Jason O’Sullivan, Head of Global TPA Development at McLarens said, “Claims are the shop window of insurance and it’s crucial they are handled in a way that mitigates risk, reduces costs, and meets customer needs. blip’s proprietary software supports this approach, driving high quality claims journeys, and allowing policy holders to contact an adjuster directly and have visibility throughout the claim journey. We’re delighted to be partnering with the blip team to support the SME market.”
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