A London start-up which uses technology to make it easier for people to buy and manage insurance has raised £2.4m in funding as it gears up for expansion.
Homelyfe was founded by Peter Goodman and Andrew Craven, serial entrepreneurs behind a number of start-ups including Brighter Option (now Social.com), the world’s largest Facebook management platform.
The company was established with the aim of making insurance easier by using technology that makes the process more intuitive, less jargon heavy and consolidates data to reduce the question sets consumers have to go through to apply for each policy.
Homelyfe’s app allows consumers to do everything from getting quotes and purchasing, to managing and renewing multiple insurance policies and even initiating a claim.
“Our vision for Homelyfe is to build an insurance solution around the needs of the modern consumer,” says chief executive Peter Goodman.
“The insurance industry has seriously fallen down on customer centricity, not interacting with people on the technology they want to use, or with the solutions they expect and not being wholly transparent around pricing.
“Homelyfe is giving the insurance industry a much-needed update; making insurance simpler to help consumers get the right policy, at the right price, 24/7.”
The investment round was led by private venture firm Talis Capital and Peterson Ventures.
The funding will support the company’s plans to add multiple general insurance lines over the coming year, starting with home insurance in early 2018, and will ultimately allow consumers to manage all of their insurance requirements within one app.
It will also go towards building out the Homelyfe team in key areas including customer success and data management as the product expands in functionality, the customer base increases and the company grows.