" class="no-js "lang="en-US"> Urban Jungle Becomes First Insurtech Business to Offer Home and Car Multiline Insurance - Fintech Finance
Sunday, October 02, 2022

Urban Jungle Becomes First Insurtech Business to Offer Home and Car Multiline Insurance

Insurance challenger brand, Urban Jungle, is adding to its range of home insurance products with the launch of its new car insurance – making it the first UK insurtech business to go multiline and offer both home and car cover. Car insurance is a legal requirement for all drivers and with prices at a two-year high, many drivers face rising costs. The insurance provider has designed the policy to offer competitive value to customers, as well as affordable cover for additional people in the home including housemates, partners, childminders or carers. The new policy can be customised so drivers will only ever pay for the cover they need and won’t be charged for unnecessary add-ons. The transparent pricing also means customers can pay for a monthly subscription if they choose.

Urban Jungle also uses tech to screen out fraud, which allows them to provide genuine customers with better prices. The site is set up to detect fraudsters by flagging dishonest behaviour, allowing it to catch them before they buy a policy or commit fraud. This unique use of technology allows them to cover a much broader group of customers and keep costs low.

Founded by Jimmy Williams and former Google developer Greg Smyth in 2016, the company has experienced a rapid rate of growth and raised over £16 million through series A funding this year. Having more than doubled in size during the pandemic, the now 50-strong company has helped over 100,000 customers. Urban Jungle launched its flagship contents insurance product in 2019, specifically designed for renters, with fairness at the heart of everything it does. This was followed last year with buildings and contents insurance for homeowners, particularly aimed at first-time buyers, which now accounts for half of all its customer base. The launch of the new car insurance policy now enables them to offer more people fair and flexible insurance in new markets.

Jimmy Williams CEO and Co-Founder of Urban Jungle said, “We’ve always built Urban Jungle with a view to helping our customers get better cover across a range of insurance products, and it’s fantastic to be continuing our product roll out, after our hugely successful Homeowners launch last year, and a nice bonus to get there ahead of our peers. Our insurance is designed to be simple, clear and fair which is certainly the case for our new car insurance product.

Whereas larger insurers may have seen a much publicised slow down since the price walking ban introduced in January, we’re growing really quickly since launching our renter’s insurance in 2019 and alongside our recent funding, we want to continue this growth so that we can offer more people fair insurance in new markets.”

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