London insurtech startup raises £2.5 million to target ‘generation rent’
An insurance startup pitching itself to UK renters has raised £2.5 million in seed funding.
Urban Jungle offers a range of insurance policies designed for tenants, including products intended specifically for those who are sharing flats or houses.
The round reportedly saw the company backed by investors including a previous chief executive of Prudential UK, and Octopus Group head simon Rogerson.
Urban Jungle says it can make the process of buying insurance and making a claim easier.
Its tenant-specific cover sees the company targeting a large and growing market that has historically been poorly catered to by the legacy insurers.
Urban Jungle co-founder Jimmy Williams told Techcrunch: “We are fixing home insurance, which has a load of problems to work on. Of all types of personal insurance it’s still the one most bought and managed offline, mostly through estate agents, banks, and mortgage brokers. Prices are high, terms are complex, and there are fees for everything.”
Williams says his company can streamline the process, and make it cheaper to buy cover. He continued: “All of this is enabled through technology. We automate the vast majority of processes to make things super quick, and keep our costs very low. We also use data in smart ways to customise the cover we offer to customers, and make pricing fairer.”
London has become a hub for the insurtech industry in recent years, with the city playing host to prominent players including one-stop-shop insurance provider Wrisk and cyber intelligence service ThreatInformer.