PH Innovate (PHIG) is a fast-growing Insurtech group with three distinct operating companies all using in-house systems. These companies include, Quote Detective (QD); a personal lines motor broker targeting underserved customers generating market-leading performance for its insurers, Next Venture Technologies (NVT); developing and managing the SaaS platform supporting the full-cycle insurance supply chain, and the niche price comparison engine, Quote the Market (QTM); providing lead generation for non-standard motor products.
PHIG collectively employs 125 and is privately owned by David Harlow and Stephen Peck operating with no loans or debts, having funded the groups growth internally.
The entrepreneurial pair have a track record of successful businesses in the insurance industry over the last 20 years, having formed an insurance intermediary, Insureyourmotor.com in 2000, and Quote Exchange, an insurance IT solution provider in 2004. Overseeing the growth of both businesses from a start-up to sale, Quote Exchange was sold to a listed company in 2011 and Insureyourmotor.com to private equity in 2012.
PHIG is an active member of both Insurtech UK and Fintech Wales, aligning with the firm’s vison to leverage technology to reshape the insurance landscape.
Next Venture Technologies and QTM
The NVT SaaS platform supports the full-cycle insurance supply chain. Customers can select the services they require, and NVT will integrate with legacy systems as necessary to optimise distribution opportunities and minimise costs.
NVT’s platform is a low-cost but fully functional equivalent to existing systems in the market, with a focus on self-service configuration of both functionality and branding allowing easy differentiation. One of the most unique features of the NVT platform is the real-time insight it provides across the market, including pricing, loss ratio performance, and conversion rates.
The flexibility of the NVT platform allows the config of new products such as short term, subscription, and bundled (i.e., multi-vehicle products). In many cases, using existing components reducing development.
The NVT platform allows seamless trading between Insurers, brokers and price comparison sites. This cost-free and frictionless marketplace gives full transparency across the supply chain, while generating additional sales.
QTM is a niche product and price comparison website using the NVT technology to deliver comparison services for niche motor products.
Quote Detective
QD was launched in 2016, recognising that many customers in the insurance market remained underserved and in need of a dedicated provider. The firm has direct FCA authorisation and boasts a successful trading history targeting niche areas of the private car, commercial vehicle, courier, taxi insurance markets.
Operating on all major comparison sites, it has built a growing motor insurance book of over £30m GWP through its panel of 25+ insurance providers.
QD concentrates on quality customers that have been cast aside by the broad-brush approach of automation. Focusing on those customers that are grossly overpaying premiums over £2,000, generating meaningful savings whilst also able to maintain a profitable underwriting performance.
Since 2021, with the support of NVT bespoke systems, QD has identified and continually developed personalised systems, processes, and pricing (Collectively known as PACE – Precise and Accurate Customer Engagement). This enables the online targeting, aids fulfilment, and analysis of these underserved risks where the majority of other systems do not.
QD is looking to add capacity to supplement the next phase of growth towards £50M GWP.