Welcome to the first ever over-the-top insurance platform.
- Serial entrepreneur with track record
- Experienced team in place
- Clear vision, value proposition and planned route to market
- Scalable solution in multi-billion market
Buying and managing insurance is a broken process. The industry is hopelessly out-of-date and ripe for disruption.
The status-quo has prevailed for too long. Having found how parts of the industry work, it's our moral duty to say 'enough is enough' AND do something about it. It's the right thing to do for consumers.
For example, why do you have to spend time shopping around and haggling the price of your insurance every year? It makes no sense and it's such a hassle!
The problem (and opportunity!) is that we feel the industry is focused on selling products, not serving customers. It relies on a lead generation business model that is archaic and inefficient, making your insurance more expensive.
We're building the first over-the-top insurance platform and we'd love you to join our journey from the beginning.
Substantial accomplishments to date
One of the accomplishments we are the most proud of is the quality of the foundational team, the relevance of their backgrounds and the complementary nature of their skillset.
Since January 2020, we have:
- Been accepted to the FCA's Innovation Hub.
- Received the green light by the FCA as an Appointed Representative.
- Developed the beta version of the tech product.
- Raised pre-seed capital from some of the most well-known business angels in the UK.
- Progressing to launch in Q4 this year.
The standard business model in the industry is for insurers to pay a commission to the distribution party.
The commissions differ from insurer to insurer and are usually in the range of 10 to 13.5% for motor insurance and 20 to 23% of household insurance (home and contents).
Average premiums are £475 for motor insurance and £146 for household insurance. This means that typical commissions will vary between around £50 to £65 for each motor insurance policy and £30 to £34 for each household insurance.
Use of proceeds
The capital raised is planned to be used as follows:
- 74% - human resources;
- 14% - Marketing;
- 12% - Operational expenses (rent, professional services, software subscriptions, hardware, insurance, and other smaller expenses).
We're excited to get our greatest supporters to join our journey from very early on. Seedrs investors will receive EIS eligible ordinary shares under Seedrs nominee to provide access to Seedrs secondary market.
Please note, RNWL currently has an outstanding Bounce Back loan of £50k. This loan is interest free for 12 months. Following this period, interest accrues at 2.5%. The term of the loan is for 6 years, with repayment starting after the first 12 months.