UK insurtech startup Urban Jungle has become the first insurtech to offer Car and Home multiline insurance cover.
The insurance challenger brand has added 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.
Launched by Jimmy Williams and former Google developer Greg Smyth in 2016, the company has experienced a rapid rate of growth and raised more than US$18mn via its series A funding earlier this year.
Before now, Urban Jungle has provideed Home and Car Insurance to renters and homeowners. The company, which has 55 UK staff, has a customer base of 125,000 and Urban Jungle was positioned as the number 1 start-up in the UK by TechRound in 2021.
The insurtech also launched its flagship contents insurance product in 2019, specifically designed for renters. This was followed in 2021 with buildings and contents insurance for homeowners aimed at first-time buyers, which now accounts for half of its customer base.
The launch of the new car insurance policy now enables Urban Jungle to offer more people fair and flexible insurance in new markets.
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.Jimmy Williams CEO and Co-Founder of Urban Jungle
Currently, car insurance is a legal requirement for all UK drivers. The cost of cover is also at a two-year high and many drivers are facing rising costs. Urban Jungle has designed its new policy to offer competitive value to customers, as well as affordable cover for additional people in the home. The protection includes housemates, partners, childminders, or carers.
According to reports, the new policy can be tailored so that 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, with no hidden fees if they need to cancel.
The insurtech employs cutting-edge technology to screen out fraud, enabling Urban Jungle to provide genuine customers with better prices.
The site is also set up to detect fraudsters by recognising dishonest behaviours. The solution identifies fraudsters before they buy a policy or commit fraud, while the innovative platform covers a wider group of customers and keeps costs low.