UK Insurance Industry Competitive Landscape

Part
01
of four
Part
01

UK Insurance Industry Company Information 1

Let Alliance offers insurance products and services for landlord, tenants and letting agents. RentGuard provides custom insurance solutions to the commercial and residential market. Our findings have been presented in the attached spreadsheet row 2-6, columns C-L.

Let Alliance

Products

RentGuard Insurance

Products

  • RentGuard offers 13 insurance products and services. The following are some of the insurance products offered by the company:

Endsleigh

Products

Research Strategy

There's no information on the funding rounds of the companies, and the pricing of their products are only available on request from the companies. For the funding, we searched through business databases like Crunchbase, Pitch, Thinking Data, Gov.UK, UK Globaldatabase, Craft, among others. There was no funding information for the companies after combing through the mentioned sources. We also searched press releases and media sites for mentions of funding the company might have received. Unfortunately, there was information concerning funding for the companies; hence, we assumed that none of the companies had undergone any funding rounds.

For the price quotes, after combing through the company websites for the information, none of the listed companies provided the pricing for their products and services; instead, the companies provided contact information for requesting the price quotes of the products. We attempted to register on the platforms in hopes that during the registration process, the pricing for the products will be revealed. This strategy failed as the registration steps were too complicated and required personal information like credit cards; hence, we couldn't complete the process. Next, we searched through business review sites like FinanceOnline, TrustPilot UK, Reviews.co. The goal was to find the pricing of the product from customer reviews. Still, the information was not readily available, as most reviews were targeted towards the company services and products quality.
Part
02
of four
Part
02

UK Insurance Industry Company Information 2

Aviva was founded in 1696 and is recognized as the market leader in general insurance in the UK. LV= was founded in 1843 and offers financial and insurance services and products. Direct Line Group was founded in 1985; the company provides direct insurance products to customers. Our findings have been presented in the attached spreadsheet rows 7-9, columns C-L.

LV=

Products

The company's insurance products are grouped into five main products: landlord insurance products, car and vans insurance, home insurance, travel insurance, and pets insurance products.

Direct Line Group

Products

  • The company offers insurance services and products through its brands Direct Line, Churchill, GreenFlag, NIG, Green Flag. Direct Line Group insurance products are motor insurance, home insurance, rescue and personal insurance, and commercial insurance products.

Aviva

  • Aviva is a multinational insurance company headquartered in London. The company is the sixth-largest insurance company in the world and has over 43 million customers in 21 countries. Aviva is recognized as the market leader in general insurance, pensions and life insurance in the United Kingdom and is also located in Asia, Europe, North America.
  • Aviva was founded in 1696.
  • The company is headquartered in London, United Kingdom.

Products

Aviva products are grouped into eight main insurance products. The products are personal accident insurance, home insurance, life insurance, travel insurance, business insurance, motor insurance, pet insurance, and private health insurance.

Research Strategy

We began by searching through business databases like Crunchbase, Craft, Growjo, Owler, AngelList, UK Startups, StartUp Britain, Bloomberg for the funding information. The goal was to locate the funding rounds of the companies from the mentioned databases as the sources are databases that provide financial information and overview of companies. Aviva and LV= were profiled on the databases, but there was no information on the companies' funding. Next, we combed through media sites like Insurance Times, StartUps.Co, Forbes, Bloomberg, PR Newswire, UKTN, among others. The aim of using this strategy was to find mentions of the companies' funding on media sites. After searching through the sources, there no information concerning the companies' funding. Then, we searched for the companies' press releases and interviews by the leadership of the companies. Since raising funding is a significant achievement to companies, we were hoping to find press releases of the companies on their latest funding and mentions of the financing by the leadership of the companies either in their earnings calls, press releases, annual reports or interviews. After combing through the listed companies' earning calls, annual reports and interviews on the leadership, there was no information on funding rounds of the companies. After using the mentioned strategies, we assumed that the lack of information on funding is because the companies have not received any funding.

Part
03
of four
Part
03

UK Insurance Industry Company Information 3

Homelyfe is a mobile application offering home insurance products, the company received £2.4 million in funding from Venture Round in 2017. AXA operates in 64 countries across five continents, with an office in the United Kingdom. The requested information for the insurance companies has been provided in rows 10-12, columns C-L of the attached spreadsheet.

AXA

  • AXA is a French multinational insurance company that focuses on "global insurance, investment management, and other financial services". The company operates in 64 countries across Europe, North America, Asia Pacific and the Middle East and Africa.
  • AXA is headquartered in Paris, France and has an office in the United Kingdom.
  • The company was founded in 1817.

Products

AXA insurance products are grouped into seven main categories: car insurance, home insurance, travel insurance, landlord insurance, business insurance, van insurance, and health insurance products.

HomeProtect

Products

HomeProtect provides six insurance products. The product are buildings insurance, contents insurance, legal expenses, home emergency, lost keys, and accidental damage insurance.

Homelyfe

  • Homelyfe uses technology to simplify the insurance process. Homelyfe is an insurance app, managing the whole insurance process from getting a quote to making multiple insurance policy purchases.
  • The company is located in London, United Kingdom.
  • Homelyfe was founded in 2016.

Products

Research Strategy

We began by searching through business databases like Crunchbase, Craft, Growjo, Owler, AngelList, UK Startups, StartUp Britain, Bloomberg for the funding information. The goal was to locate the funding rounds of the companies from the mentioned databases as the sources are databases that provide financial information and overview of companies. Although AXA and HomeProtect were profiled on the databases, there was no information to determine if the companies have raised any funding.

Next, we combed through media sites like London Economic, Business Wire, Insurance Journal, Insurance Times, StartUps.Co, Forbes, Bloomberg, PR Newswire, UKTN, among others. The aim of using this strategy was to find mentions of the companies' funding on media sites. The information provided on the mentioned sources were general company news and reviews. There was no information on AXA and HomeProtect funding rounds.

Then, we searched for the companies' press releases and interviews by the leadership of the companies. Since raising funding is a significant achievement to companies, we were hoping to find press releases of the companies on their latest funding and mentions of the financing by the leadership of the companies either in their earnings calls, press releases, annual reports or interviews. After combing through AXA and HomeProtect press releases, earnings calls, annual reports and interviews on the leadership, there was no information on funding rounds of the companies. After using the mentioned strategies, we assumed that the lack of information on funding is because the AXA and HomeProtect have not received any funding.

Part
04
of four
Part
04

UK Insurance Industry Company Information 4

By Miles and Cuvva are two additional UK insurance companies. The requested information for the companies has been presented in the attached spreadsheet.

Cuvva

  • Cuvva is an insurance startup that sells an insurance policy. The company offers a flexible, simple and jargon-free insurance services and products. Cuvva claims to be the first insurance company in the UK to provide hourly motor insurance and insurance through an app.
  • Cuvva was founded in 2014.
  • The company is located in London, United Kingdom.

Products

Cuvva offers car insurance and travel insurance products.

By Miles

  • By Miles is an insurance company offering flexible car insurance for low mileage drivers. By Miles policy offerings are paid by miles and tailored to each customer.
  • By Miles has received £6.3 million in funding from 5 funding rounds.
  • The company was founded in 2016.

Products



Sources
Sources