Kudo Insurance, which claims to be a “revolutionary” motor insurer founded by Peter Graham, insurance veteran and former CEO of esure, has raised 71% (£462,020) of its £650,000 target from 130 investors (at the time of writing) with 27 days left in the firm’s crowdfunding campaign, carried out via Seedrs.
Located in London, United Kingdom, Kudo Insurance operates in the Finance & Payments sectors (Digital B2C). Incorporated in September 2016, the firm reports a Valuation (pre-money) of £8M; Type Equity; Equity offered: 7.53%; Share price: £10; Tax relief; EIS.
Business Highlights are as follows:
- Highly experienced Insurance team
- Gamified safe driver score & industry leading engagement platform
- Machine Learning Pricing Model (Strong tech and IP)
Key features: Secondary Market; Seedrs nominee min. £10.00 +; Direct investment min. £20,000.00 +.
As noted in the update, Kudo claims it is “a revolutionary motor insurer with a game changing driver score and industry leading engagement program that rewards safer drivers and builds a path to hopefully become profitable.”
Founded by Peter Graham, insurance veteran & former CEO of esure, Kudo is “for the millions of safe drivers in the UK & rewards them for driving safely & with consideration to other road users.”
As one of the original insurance “disruptors” in his role as CEO of esure, Peter Graham had closely “monitored innovation that could transform motor insurance profitability.” Kudo was born out of “the emergence of mobile telemetry that facilitated the cost-effective identification of better drivers – without the need to sell motor insurance policies as a pre-requisite.”
Kudo’s beta version of the App was “developed to test the hypothesis and trials were carried out with three UK insurers (AXA, RSA and esure Insurance), and consumers.”
The detailed trial with esure Insurance “proved the level of driver score required (700 out of 1,000) to differentiate the better drivers (reduced frequency of motor insurance claims), and consumers also stated a good driver score would be a good way to prove their value to insurers.”
Peter managed “to attract a team of likeminded insurance leaders and functional experts and Kudo’s path to full-market deployment followed with the company now ready to build scale of App Users and generate car insurance revenue.”
As mentioned in the update. the UK private motor insurance market (c30m vehicles and a £16.4bn annual market premium) is “broken.” Insurers have “a weak relationship with consumers, focused on price and a once in a year purchase window.”
Kudo plans “to attract a customer base through cost effective strategic partnership with relevant road safety, price comparison website and Tier 1 Auto OEM partners to mitigate Direct to Consumer risks.”
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