Dinghy, a UK-based insurtech platform specifically for freelancers, has secured $1.2 million during its seed funding round led by Balderton Capital. Founded in 2017 by co-founders Ben Wilks, Robert Hartley, and Edward Woodcock, Dinghy offers fast, 24/7 claim handling along with fair, and flexible insurance service the freelancing industry. While sharing more details about the company, Hartley revealed to TechCrunch:
“Traditional insurance is a slow and tedious process that is not designed for freelancers. Also traditional insurers do not give freelancers the ability to change their insurance when they are not working, so freelancers either pay for coverage they don’t need, or worse, cancel their policy and throw away the insurance coverage they pay for.”
Hartley also explained to the media outlet that Dinghy was created by freelancers with more than 39 years insurance and tech experience for freelancers, and the resulting product enables cover to be applied for and managed all online through the insurtech’s app.
“Freelancers can change their working status to save money on their insurance when they are not working but keep their insurance protection. We know that freelancers rely on their equipment to work, so we wanted a solution to meet their expectations of being served as quickly as possible.”
Hartley then added:
“We anticipate our main customers to be tech professionals, management consultants and designers who are driven to buy insurance by work contracts. However, we hope to reach out to the creative industries who typically do not buy insurance as it’s painful and confusing; and show them that there is a better way to insure their business risks.”
The company is also seeking to become a Certified B Corporation and noted that it has injected B Corp’s fundamentally different governance philosophy into its core from the beginning. Dinghy added that companies less than 12 months old cannot be full B Corps so the company’s plan is to be fully certified B Corp right after its first birthday.