UK insurtech iRevolution develops new technology solution
iRevolution, the UK-based insurance broker group, have launched their own technology platform to streamline the customer experience and expand their offerings.
The Manchester-based broker, which is independently owned, invested an undisclosed sum to develop the technology, which will speed up the brokerage process and make services more easily accessible to customers.
Launched in 2013, the insurtech has been working on refining the processes for non-standard risks. The company's first innovation began with the development of their own telephone dialler system, Comunik8, built in-house by a team supervised by iRevolution’s CTO, Michal Tesar.
New insurtech innovations
According to reports, iRevolution’s growth strategy includes more than doubling its GWP from its current £40mn to £100mn by 2026. The company aims to do this through its new technology platform.
Speaking about the company’s latest announcement, Mark Rigby, CEO of iRevolution Group, explained, “The businesses we work in are traditionally labour-intensive areas with a lot of manual processing, due to the non-standard nature of the risks we help insure.
“We aim to create platforms that will allow us to bypass these longer, traditional processes. This way, we can create efficiencies and better customer experiences across our main areas of business”, he said.
Traditionally, the processes previously used could see the customer waiting up to 24 hours for their insurances.
Rigby continued, “We saw this as a problem and some of our recent developments have seen the turnaround time reduced to minutes for a quote, and insurance documents uploaded to our client’s portal within half an hour leading to a slicker customer experience.
“We’re working with specific insurers to look at improving processes, using tech to assist with this, and help streamline our back-office operations. We have undertaken a recruitment drive within the development team as we are keen to move forward swiftly with our future projects.
“Ultimately, we see the future of iRevolution Group in the insurtech arena and are keen to use these developments to improve the business and the customer experience,” he added.
Image credit: Getty (stock)
Searching for the Top 100 Leaders in FinTech
The search is on for the Top 100 Leaders in fintech 2021 – nominated by readers of FinTech Magazine and open to all.
The initiative has been launched and nominations are now open, with the final, prestigious Top 100 due to be announced during FinTech & InsurTech LIVE running 12-14th October, beamed from London to the world.
This latest, definitive list of the leading executives and influencers in the industry will be announced at the event and shared across social media channels, this website, and presented in a special supplement that honours all of those named in our annual list.
The Top 100 Leaders follows on from the well-received Top 100 Women in fintech that BizClik Media Group (BMG) – publishers of FinTech Magazine, InsurTech Magazine, and a growing portfolio of industry-leading titles – produced in March this year to coincide with International Women’s Day.
“The Top 100 Women recognised the incredible and influential women driving our industry,” says Scott Birch, editorial director, BMG. “The success of that initiative encouraged us to recognise the Top 100 Leaders – individuals championing everything that we love about fintech and embracing best practice that’s good for business.”
Nominations are already coming in, with some notable highlights including:
Deborah Tan-Pink - Revolut
Amnah Ajmal - Mastercard
Dylani Herath - JP Morgan
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The deadline for nominations closes on Sunday 1 August 2021, and it is free to nominate. The Top 100 Leaders will be announced across our platforms and at the LIVE event.