The round is said to be endorsed by a Combination of new and previous investors, including Rob Devey, the former CEO of Prudential UK, and Simon Rogerson, CEO of Octopus Group.
Urban Jungle is hard the status-quo of traditional insurance companies to cater for the growing number of UK renters who have historically been underserved by the industry. Innovations such as a pay-as-you-go policy, a commitment to transparent pricing and modern policy terms have helped create Urban Jungle among the greatest UK home insurers, currently rated 9.6/10 on Trustpilot.
Including contents, insurance merchandise focused on flat and house sharers. The startup also offers a pay-as-you-go coverage and says it is dedicated to clear pricing policy stipulations.
“We are fixing home insurance, which has a load of problems to work on,” says Urban Jungle co-founder Jimmy Williams. “Of all of the types of personal insurance, it’s still the one most bought and managed offline, mostly through estate agents, banks and mortgage brokers. Prices are high, terms are complex and there are fees for everything.”
With this, Williams says customers are often asked too many questions regarding things that are outside their control, they espouse and are becoming increasingly aware of outdated and unfair pricing.“Much of this is caused by insurers’ inability to use new sources of data appropriately,” he adds.
By comparison, Urban Jungle aims to be cheaper and easier for clients to purchase, maintain and manage. It also wishes to give cover better suited to customers’ needs.
“All of this is enabled through technology,” says Williams. “We automate the vast majority of processes to make things super quick, and keep our costs very low. We also use data in smart ways to customise the cover we offer to customers, and make pricing fairer.”
To the end, Urban Jungle asserts 15,000 plus customers and says it’s growing more than 30 percent per month. Meanwhile, the current newly disclosed funding brings the total raised by the U.K. firm is £3.7 million so far.