UK-based insurance start-up Gryphon Group Holdings has raised £180 million of investment capital from investors Leadenhall Capital Partners and Punter Southall Group.
The fintech company’s aim is to “protect more families in the UK’, selling through intermediaries and focusing initially on life, critical illness and income protection.
Daniel Pender, CEO of Gryphon Group Holdings, said: "The insurance industry plays a pivotal role in our society but there is work to be done to keep pace with the evolving needs of customers and advisers. We felt there was a tremendous opportunity for an insurance challenger to build a business around the people it serves, and in doing so, establish strong long-term relationships built on trust.
"We are creating what we think protection should look like in today's digital age. Technology has moved on remarkably and our ambition is to embrace that, bringing an intuitive customer offer and adviser experience to market. This will give certainty to advisers when recommending our products and enable families to feel confident that we can offer the insurance that they need."
The backers were compelled by the insight and drive of the management team, and cite the significant market opportunity that exists for an insurance challenger who can use today's technology to create a business which improves customer and adviser experience.
Dan Knipe, life portfolio manager of investors Leadenhall Capital Partners, said: "Life protection is an area where good customer outcomes are vital, making a service -focused challenger an exciting proposition. We see strong growth potential for the business as the management team has a deep commitment to their vision and bring significant industry and technology expertise to make it a success."
Jonathan Punter, CEO, of investors Punter Southall Group, added: "We already know there is a significant protection gap in the UK. This translates into a great opportunity for an insurance company that can solve the issues of customer trust and adviser experience. This company, with its new approach, will be well placed to meet these challenges head on."
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Gryphon Group Holdings, UK, Insurtech, Technology, Insurance, Daniel Pender, Leadenhall Capital Partners, Punter Southall Group