Jun 25, 2021

Outdoorsy raises US$120mn to launch insurtech division

Outdoorsy
Roamly
autoinsurance
RV
2 min
US-based RV rental company Outdoorsy has raised $120mn to drive the growth of its new insurtech division

Using capital generated through equity and debt financing, Outdoorsy will be accelerating the development of its insurtech offerings, Roamly.

Pitching itself as RV insurance “created by RV owners”, the division promises quotes delivered in 60 seconds, A-rated coverage, ‘smart policies’, and a support team who are experts in the field. 

"Before Roamly, RV owners had very few insurance options that would allow them to rent out their RVs without violating the terms of their annual insurance policy. Roamly is solving that problem," said Jeff Cavins, Co-Founder and CEO of Outdoorsy.

Insuring outdoor travel

Based in Austin, Texas, Outdoorsy was founded in 2015 to maximise the usage of 350 million RVs in the US, which it claims sit unused for 350 days of the year.

Instead of buying its own fleet of vehicles, the company instead forms a P2P marketplace linking owners and potential renters. A passion for outdoor travel, Outdoorsy claims, is on the rise in America. Therefore, it is poised to offer customers both the opportunity and requisite insurance coverage to meet this demand. 

“Customers are embracing outdoor travel at unprecedented levels. Consequently, road trips are surging in interest, and our Roamly products are experiencing strong customer adoption," added Cavins.

Scaling globally

Of the $120mn capital raised, $90mn came from a private equity round led by Moore Strategic Ventures, ADAR1 Partners, Monashee Capital, and others, while the rest was loaned by Pacific Western Bank.

Outdoorsy intends to scale Roamly beyond the US and into the European market, too. Global reinsurer SiriusPoint, also one of Outdoorsy’s new investors, will apparently be instrumental in facilitating the division’s growth. Sid Sankaran, Chairman and CEO, commented:

"We are excited to support Roamly and the fast growth the company is experiencing through our strategic partnership. 

"Roamly's market prospects and the speed of the company's growth are global. The unique approach that Roamly has taken with its product innovation is a first-of-its-kind offering in the global market for recreational assets.

Image source: Outdoorsy

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Jul 23, 2021

The Ultimate FinTech & InsurTech LIVE Event

Fintech
Insurtech
live
event
3 min
Where innovation meets implementation, coming to you live from London

Whether you attend virtually or in person, it will give you the chance to network with C-Level executives, share ideas with industry pioneers, and walk away with actionable, unique insights to bolster your business and career. 

By the end of the three-day event, you will have seen the latest innovations in both FinTech and InsurTech. You will be able to see how companies like yours are tackling the problems that keep you up at night, engage in a community that many struggle to access, and share your ideas with people who care as much as you do. 

Order your tickets now to take advantage of our limited-time Early Bird offer. 

 

How can you attend?

 

In the post-Covid era, not everybody wants to travel for events. So FinTech and InsurTech Live will be completely hybrid. That means you can attend the event in person or virtually - with no disadvantages to people who don’t make the trip to the Tobacco Dock. 

 

In-person

 

FinTech and InsurTech Live is happening in the Tobacco Dock in London, a ten-minute walk from Tower Bridge. For more information on the location, click here

 

Virtually

There’s no need to worry about missing out if you choose not to attend in person. You can still absorb all the information, interact with other attendees and enjoy the conference experience on our virtual platform. 

There will be live feeds from all of the stages (also available on-demand after the event) as well as virtual networking areas. So not being able to travel is no reason to miss your chance to gather with the industry.

 

What’s on the agenda? 

 

With keynote addresses from global leaders, dynamic roundtable discussions, and extensive networking opportunities, FinTech & InsurTech 2021 will expand your network, deliver insight, and enhance your organisation’s reach. 

Across the three-day event, a number of relevant topics and trends surrounding fintech and insurtech will be discussed. 

 

  • Tuesday 14 October - Diversity and Inclusion
  • Racial equality (11:30 am)
  • Supplier diversity (12:00 pm)
  • Sustainability (12:30 pm)
  • Women in fintech (14:30 pm) 
  • Wednesday 15 October - Challenger and neobanks 
  • Cashless society (14:00 pm) 
  • SMEs (14:30 pm) 
  • Thursday 16 October - Adopting new-age digital solutions in the insurance industry (06:00 am)


Influential executives from around the world will give their insights and professional experiences surrounding these topics, allowing you and your company to leave with valuable information. 

The topics surrounding digital transformation should certainly be on the mind of every executive after the events of 2020 and how we all had to adapt to meet customer’s needs. Creating a digital roadmap is key, and making changes to the traditional ways of working. Customers now have new needs, and keeping up to speed with the digital changes, whilst also doing so safely, are important. 

If you want to get leading perspectives on the future of fintech and insurtech, you can purchase your tickets here.

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