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The insurance sector is expected to be one of the largest areas ripe for disruption within the financial services industry in the next few years. The value of that potential revenue opportunity? A whopping £50 billion, according to PWC.
Challengers have swept through the finance industry in recent years, but change has been slower to take place in insurance. Like their challenger counterparts, insurance companies will need to provide consumers with access to better insights for clearer decision-making, better customer service, transparent and efficient innovations and personalised offerings in order to acquire market share in a rapidly modernising space. Some companies are already doing all of these, and Rnwl is one of them.
“The process of buying and managing insurance is broken – the industry is focused on selling products, not in serving customers” says founder of Rnwl and SyndicateRoom, Goncalo de Vasconcelos. “It’s only a matter of time before we look back at the traditional insurance market and wonder how we ever accepted that as the norm.”
In creating Rnwl, De Vasconcelos has a vision for the world’s very first over-the-top insurance platform. Rnwl has attracted a brilliant core team, with decades of experience in AI, machine learning and financial services to bring long overdue change to the insurance market. With the needs of the customer at its heart, Rnwl is on a mission to make it easier for consumers to manage their insurance policies, find the best possible coverage for the best price, and avoid spending hours renegotiating and renewing every year.
As it stands, the traditional insurance market relies on a lead generation business model that is archaic and inefficient, which makes consumers’ insurance more expensive. When switching providers is a hassle, people don’t, and they pay the price for that in the long run. Rnwl shows you deals from different sources, all in one place so you can stay on top of which insurance policies are suited to you, and switch easily when it benefits you. Better yet, the platform does this searching well before you’re due to renew your policies so you know what’s coming, and it will do all the leg work for you so you don’t have to lift a finger to switch. Rnwl’s innovative insurance wallet helps you keep on track on insurance policies, which is particularly important when you care for a family, run a business and own a home, or all of the above.
As a serial entrepreneur, Goncalo de Vasconcelos knows what he’s doing when it comes to getting a disruptive venture off the ground. He currently acts as a non-executive director of SyndicateRoom and was recently voted one of the top 10 most influential people in the UK. Inspired to do the right thing for consumers in an industry that quite frankly hasn’t kept up with the pace of innovation of the wider financial industry in recent years, de Vasconcelos is looking forward to what’s to come for both his newest entrepreneurial project, and the insurance space. Since January, the company has already made great strides, including being accepted to the FCA’s Innovation Hub, releasing its beta product and raising pre-seed capital from some of the most well-known business angels in the UK.
Rnwl’s crowdfunding campaign on Seedrs is currently over 200% funded by nearly 500 investors. Visit the campaign to join them.