Digital Risks

insurtechonline first insurance

FOUNDING YEAR: 2014
LOCATION: United Kingdom
Last Update: 08/09/2020

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About

Digital Risks (www.digitalrisks.co.uk) is a specialist insurance provider that focuses 100% on the needs of digital businesses. Partnering with leading underwriters, we’ve developed cover for today’s complex and evolving technical risks, with a subscription model ideally suited to start-up and small businesses.

MEDICI Analysis

Digital Risks provide a range of commercial insurance products designed to meet the evolving needs of technology and media businesses. Digital Risks is the insurance provider for tech and media businesses.

Focus

PRODUCTS & SERVICES

Provides insurance products for startups and small businesses.

REVENUE MODEL

Monthly commissions on insurance premiums + brokerage fees

PRIMARY PROBLEM SOLVED

The latest Government Security Breaches survey shows that a third of small and half of medium-sized businesses were affected by a cyber-attack in 2015. Yet, no other insurance provider has delivered a complete, truly specialist and digital-first offering, to those businesses under threat. Our aim is to provide a comprehensive program of covers, tailored for digitally native businesses and putting the customer at the heart of what we do. While other online providers offer a simple price comparison and consolidate the customer’s risks to a single underwriter, our system considers risks individually, placing them with the most suitable underwriter – just like a traditional broker. The first of its kind online, this means more competitive pricing and better products, plus a seamless, single transaction for the customer. We are also challenging the inadequacy of insurance for SMEs online with subscription-style products that are truly monthly, so businesses can change or cancel at any time, and don’t need project their requirements annually. So they’re more accurately covered and only pay for what they need. We are also passionate about increasing start-up and SME engagement in the risks they face through consolidating insurance with risk management support and creating a brand that resonates with our audience. As our technology integrates with third party systems, customers can also buy their insurance at the point of risk generation, e.g. cyber insurance with an online backup solution, further boosting awareness and accessibility.

INTELLECTUAL PROPERTY

Patent(s) NOT_FILED

COMMENT

Digital Risks has developed proprietary software that automates the entire process of buying and managing insurance. The company's products are backed by underwriters, including Aviva, Tokio Marine, and Beazley. (July 2018)

company provided insights

Traction

NUMBER OF TRANSACTIONS:

300.00

TRANSACTIONS VALUE:

20 K

ACTIVE USERS:

100

People

FOUNDERS

Charlotte Hall

BOARD MEMBERS AND ADVISORS

Jasper Martens

Mike Dodd

Lucy Viggers

NUMBER OF EMPLOYEES

11-50

INVESTORS:

Atami Capital

Beazley

Concentric

Earlymarket

London Co-Investment Fund

Seedcamp

KEY EMPLOYEES:

Edward Ventham

Momentum

FUNDED

YES

TOTAL FUNDING

$10.4 M

DATE OF LAST FUNDING

Feb 2020

TOTAL FUNDING COMMENT

The company is planning to use the funds to focus on growth, through scaling its marketing, tripling its team and developing new online insurance products, and expand internationally. (July 2018)

SEED CLOSED ON

Jun 2017

FUNDING SERIES

SERIES A  · $10.4 M  · Feb 2020

LISTED

NO

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Digital Risks

About

Digital Risks (www.digitalrisks.co.uk) is a specialist insurance provider that focuses 100% on the needs of digital businesses. Partnering with leading underwriters, we’ve developed cover for today’s complex and evolving technical risks, with a subscription model ideally suited to start-up and small businesses.

Focus

PRODUCTS & SERVICES

We provide a comprehensive range of business insurance, from core policies like public liability, employer’s liability and contents insurance, to more specialist cover, such as professional indemnity and cyber. A first of it's kind, our online policies are sold as a pay-by-the month, commitment-free subscription. Extending beyond the online platform, our account managed service continues to service growing businesses as they require more bespoke insurance programmes.

REVENUE MODEL

Monthly commissions on insurance premiums + brokerage fees

TOP PROBLEM SOLVED

The latest Government Security Breaches survey shows that a third of small and half of medium-sized businesses were affected by a cyber-attack in 2015. Yet, no other insurance provider has delivered a complete, truly specialist and digital-first offering, to those businesses under threat. Our aim is to provide a comprehensive program of covers, tailored for digitally native businesses and putting the customer at the heart of what we do. While other online providers offer a simple price comparison and consolidate the customer’s risks to a single underwriter, our system considers risks individually, placing them with the most suitable underwriter – just like a traditional broker. The first of its kind online, this means more competitive pricing and better products, plus a seamless, single transaction for the customer. We are also challenging the inadequacy of insurance for SMEs online with subscription-style products that are truly monthly, so businesses can change or cancel at any time, and don’t need project their requirements annually. So they’re more accurately covered and only pay for what they need. We are also passionate about increasing start-up and SME engagement in the risks they face through consolidating insurance with risk management support and creating a brand that resonates with our audience. As our technology integrates with third party systems, customers can also buy their insurance at the point of risk generation, e.g. cyber insurance with an online backup solution, further boosting awareness and accessibility.

PRODUCT DEVELOPMENT STAGE

V2.0 or BEYOND

PRIMARY CUSTOMER TYPE

Small and Medium Business - Online Retail

Small And Medium Business - Other

STRATEGIC CLIENTS AND PARTNERSHIP

Aviva : Commercial

HCC Tokio Marine : Commercial

Traction

NUMBER OF TRANSACTIONS:

300.00

TRANSACTIONS VALUE:

20 K

ACTIVE USERS/ACCOUNTS:

100 Million

LIVE USERS/TRANSACTIONS:

Yes, in live production

How will you grow the number of users/accounts/transactions?

Through various marketing channels

CHANNEL STATUS

CHANNEL SECURE

People

NUMBER OF EMPLOYEES

1-10

TEAM COMMENT:

We’re a dynamic bunch. Lean,mean. Sprung from the worlds of insurance, tech, media,finance, we’re all innovators at heart, driven to make a change for the better. We’re united in our belief that you can transform a seemingly mediocre task into a new,exciting experience. Just add a little bit of passion,some out of the box thinking.

Momentum

FUNDED

YES

FUNDING COMPLETED

NO

LISTED

NO

FUNDING SERIES