Rnwl, a platform planning to transform/improve the current buying and managing insurance process, has secured 184% (£276,448) of its £150,002 target from 304 investors (at the time of writing) with 23 days left in its crowdfunding campaign, carried out via Seedrs.
Located in Cambridge, United Kingdom, Rnwl was incorporated in July 2019. It focuses on the Finance & Payments sectors (Digital Mixed B2B/B2C). The company reports a £6M pre-money valuation, 4.40% Equity offered, a £3.48 share price, Tax relief, and EIS.
Here are the Key Business Highlights shared by the Company:
- Won ‘Best Fintech startup’, Elevating Founders, London Tech Week
- Is directly authorized by the FCA
- Released both iOS and Android apps
- Assembled a highly experienced team led by a serial entrepreneur
Rnwl has the following features: Secondary Market; Seedrs nominee min. £10.44 +
Direct investment min. £25,000.00 +.
As noted by the company:
“Buying and managing insurance is a broken process. We believe the industry is hopelessly out-of-date and ripe for disruption.”
They added:
“We’ve all been there: we lost track of what is insured, by whom, when it renews and what’s included or not included, not to mention not being able to find our insurance details when we need them the most.”
They also shared:
“Now imagine the calm of having your insurance world at your fingertips. If your car breaks down, you get all the details you need with just one tap. Or when your renewal is due, you get a timed reminder to get the best prices, an easy way to compare the new deals and an easy way to cancel your previous policy. Or even being able to share the details with your partner at the tap of a button so that they too know how to get help should they need it.”
The company further revealed that they are building the platform that “puts your insurance world at your fingertips, and we’d love you to join our journey from the beginning.”
While sharing their monetization strategy, the company noted that the standard business model in the industry “is for insurers to pay a commission to the distribution party.”
They added that 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% for household insurance (home and contents).”
They also noted that the average premiums “are £475 for motor insurance and £146 for household insurance, resulting in typical commissions between £50 to £65 for motor insurance policy and £30 to £34 for each household insurance policy.”
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